Looks like Tesla MIC Model 3 Deliveries in China Fell Sharply in Q3, As I Warned.
Looks like Tesla MIC Model 3 Deliveries in China Fell Sharply in Q3, As I Warned.
Early reports indicate I was right to remain concerned about Model 3's withering staying power in China (see Tesla Reports Record Q3 Deliveries; Blow Out Quarter Secured).
Early reports indicate I was right to remain concerned about Model 3's withering staying power in China (see last night’s report Tesla Reports Record Q3 Deliveries; Blow Out Quarter Secured).
Q3 deliveries in China of MIC Model 3 are indicated down 13% y/y to just 29,596*—the lowest result in six quarters until Q120.
The reason? Losing ground fast—as I projected—to MIC Model Y which was launched in January, and to strong local rivals which continued to post double-digit gains.
This is Tesla's pattern, as I have tracked in several reports the past three years. And, as I suspected, it appears to be happening again in Europe where Model Y was launched in August. Q3 Model 3 deliveries in Europe topped weak results last year when they had dropped 8%, but trailed the three most recent quarters since then.
Just like clockwork.
Stay tuned.
*UPDATE: MIC Model 3 deliveries in Q3 came in much worse with than initially indicated at 26,906, down 16% versus Q2, down 49% versus Q1, and down 21% versus last year.
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