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Tesla Cracks China’s Government Purchase List: First Foreign EV on List

by Team Lumida
July 5, 2024
in Markets
Reading Time: 3 mins read
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Tesla Cracks China’s Government Purchase List: First Foreign EV on List

"Tesla Electric Car" by fogcat5 is licensed under CC BY-SA 2.0

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Key Takeaways

  1. Tesla is the first foreign carmaker on Jiangsu’s government procurement list.
  2. China accounts for 60% of global EV sales, vital for Tesla.
  3. Tesla’s market share in China fell to 6.4% in May.

What Happened?

Tesla has been included for the first time on a Chinese local government’s list of electric vehicles approved for purchase by public and government groups. The eastern province of Jiangsu published the list, making Tesla the only foreign-owned car manufacturer among 10 brands, which include Geely-owned Volvo Cars, SAIC-owned MG, and state-owned Changan.

This move is significant as China represents 60% of global EV sales. In May, Tesla’s market share of China’s new energy car sales dropped to 6.4% from 6.9% a year earlier. Analysts from Jefferies note that 20% of Tesla’s sales volume and 50% of its production have been in China during the first five months of 2024.

Why It Matters?

Tesla’s inclusion on Jiangsu’s procurement list marks a critical win in a market where it faces stiff competition from local brands. China’s EV market is crucial for Tesla, especially as demand for battery-run cars has waned in the US and Europe.

Philippe Houchois, an analyst at Jefferies, emphasized, “China is hugely important for Tesla and has been for a long time, so this is just another positive.” Additionally, Tesla’s Model Y SUV’s approval comes despite rising trade tensions between China and the West, highlighting the Chinese government’s recognition of Tesla’s product quality.

What’s Next?

Investors should watch for how Tesla leverages this approval to regain market share in China. With the Chinese government’s endorsement, Tesla could see increased sales and production efficiency. The company’s recent collaboration with Baidu for mapping and navigation systems, along with autonomous driving tests in Shanghai, indicates potential technological advancements.

As the EU imposes provisional tariffs on Chinese EV imports, Tesla’s strengthened position in China could counterbalance any negative impact from trade tensions. Expect further developments in Tesla’s market strategy and technological innovations in China.

Source: Financial Times
Tags: China EV marketJiangsu government procurementMarket Shareteslatrade tensions
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Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

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