Tesla doubles electric car sales in China in 2020

Tesla’s investment in the China market is paying off

Tesla Inc’s (NASDAQ: TSLA ) sales in China doubled in one year to $ 6.6 billion, the electric vehicle (EV) maker said in a filing with the U.S. Securities and Exchange Commission. (SEC).

What has happened: The company led by Elon Musk reported in its annual report that 21.11% of the total revenue of $ 31.54 billion it posted in 2020 came from China.

These figures represent a significant increase over the previous year, when China accounted for 12.12% of sales of $ 2.98 billion out of total sales revenue of $ 24.58 billion.

The United States, the largest market for the automaker, posted a sales increase of 20.18% to $ 15.2 billion, up from $ 12.65 billion the previous year.

US sales represent 48.19% of all revenue for the Palo Alto-based VE business.

Why it matters: Sales of Tesla Model 3 vehicles made in Shanghai began last year in China.

The company has expanded its production facilities to mass-manufacture Model Y vehicles for sale in China.

According to Electrek, in early 2021, Tesla received enough orders for its supply of Model Y vehicles to run out during the first three months of the current year.

However, it has not been an easy road for the company in China. On Monday, the automaker received a warning from the country’s main regulatory body, along with four other agencies, regarding complaints from consumers.

Last week, Tesla announced the recall of 36,126 Model S and X vehicles from the Chinese market, due to problems related to faulty touch screens, according to information provided by CNBC.

The American automaker faces competition from local Chinese rivals such as Xpeng Inc (NYSE: XPEV), Nio Inc (NYSE: NIO (NYSE: NIO )) and BYD Company Limited (OTC: BYDDF), backed by Berkshire Hathaway Inc (NYSE: BRKa ) (NYSE: BRK.A) (NYSE: BRK-B), of which Warren Buffet is chairman.

The price movement: On Monday, Tesla shares closed nearly 1.3% higher at $ 863.42 and lost 0.56% at the closing auction.

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