Tesla China October wholesale sales hit 67,829, lowest since February despite 10% year-on-year rise

• Tesla China's October wholesale sales rose 10.30% year-on-year but fell 28.88% from September.
• Wholesale sales totaled 810,889 in the first 10 months, up 21.42% year-on-year.

Tesla (NASDAQ: TSLA) sold 67,829 China-made vehicles at wholesale in October, up 10.30% year-on-year but down sharply from September's year-to-date high to the lowest level since February.

The figures come from preliminary data released by the China Passenger Car Association (CPCA) on Tuesday. Wholesale sales include domestic sales in China and exports from the Shanghai factory.

Tesla China's October wholesale sales fell 28.88% from September to the second-lowest monthly level this year, above only February's 58,599 units, according to data compiled by CnEVPost.

Despite the sequential decline, Tesla China has recorded year-on-year wholesale sales growth in all 10 months so far this year, with October's increase accelerating from September's 5.01%.

In the first 10 months of the year, Tesla China's cumulative wholesale sales totaled 810,889 units, up 21.42% year-on-year, slowing from 22.54% growth in the first 9 months.

The preliminary data did not provide a breakdown of Tesla's domestic sales and exports for October, leaving their respective contributions to the month's performance unclear.

Export growth had previously been offsetting declines in Tesla's domestic deliveries in China. The Shanghai factory exported 30,529 vehicles in September, up 58.29% year-on-year, while domestic deliveries fell 9.35% to 64,837.

In the first 9 months of the year, Tesla delivered 381,088 vehicles in China, down 11.93% year-on-year, while exports from the Shanghai factory rose 108.44% to 361,972.

Exports accounted for 48.71% of wholesale sales during that period, up from 28.64% a year earlier, underscoring the growing contribution of overseas markets to the Shanghai factory's sales.

October's monthly decline followed a record quarter for Tesla China's wholesale sales. Sales reached 275,111 units in the third quarter, up 13.73% year-on-year and 8.08% from the previous quarter.

Meanwhile, China's broader passenger new energy vehicle (NEV) market continued to expand. The CPCA estimates that nationwide passenger NEV wholesale sales reached 1.8 million units in October, up 12% year-on-year and 8% from September.

Based on that preliminary estimate, Tesla China's October wholesale sales growth slightly trailed the broader passenger NEV market year-on-year, while its monthly decline contrasted with the market's expansion.