Tesla's China-made EV sales rise 10.3% y/y in October

Tesla China-Made Electric Vehicle Sales Up 10.3% Year-on-Year in October

Overview of Tesla's October Sales Performance

BEIJING, Nov 3 (Reuters) - Tesla's China-made electric vehicle sales grew at a faster annual pace in October, data from the China Passenger Car Association showed on Tuesday.

Year-on-Year and Monthly Sales Figures

Deliveries of Model 3 and Model Y vehicles produced at its Shanghai plant, including exports to Europe, Asia Pacific and Canada, rose 10.3% year-on-year to 67,829 units in October, the data showed. That was up from a 5% y/y rise in September and marked a 12th straight month of annual growth.

Monthly Comparison

However, on a monthly basis, sales fell 28.9% from September.   

Regional Highlights and Export Markets

European Market Performance

• Registrations of new Tesla vehicles surged across several European markets in October, extending a rebound in its regional sales.

South Korea Market Share

• Tesla led imported car sales in South Korea, a market that accounted for one fifth of the exports of Shanghai-made Tesla vehicles in the first nine months.

Financial Developments and Strategic Moves

Capital Expenditure and Cash Flow

• Tesla lowered its annual capital expenditure outlook by a fifth and surprised investors with positive third-quarter free cash flow, as spending on its AI and robotics push came in well below analysts' expectations.

Potential Mega-Merger with SpaceX

• A potential mega-merger between Elon Musk's EV maker and SpaceX will likely encounter regulatory scrutiny on both sides of the Pacific, with concerns over national security and the transfer of data and technology presenting a major obstacle.

Regulatory and Security Concerns

(Reporting by Qiaoyi Li, Zhang Yan and Liz Lee; Editing by Kirsten Donovan)