SOURCE / COMPANIES
Tesla's revenue in Chinese market grows in Q2; Shanghai factory mitigates strain on delivery in markets outside the US
Published: Jul 26, 2022 12:54 AM
Tesla's Gigafactory in Shanghai Photo:VCG
Tesla's Gigafactory in Shanghai File Photo:VCG

US-based electric car giant Tesla released its financial report of the second quarter, showing that revenues in the US and the Chinese market increased in the three months ended June while its revenue in other regions as a whole decreased in the same period, according to a report from the company published on its website on Monday.

Tesla reported a revenue of $3.79 billion in the Chinese market in Q2, up $928 million year-on-year.

The car marker also recorded a substantial revenue growth in the US market in the period, totaling over $9.61 billion. The revenue in the second quarter in 2021 was $5.21 billion.

Outside of the Chinese and US markets, the electric car giant recorded a year-on-year revenue slide as a whole in the second quarter to $3.53 billion, compared to $3.89 billion in the same period last year.

The company is focusing on expanding its production capacity, including upgrading and increasing production in its Gigafactory Shanghai, according to the financial report.

"Increasing the exports of vehicles manufactured at the Gigafactory Shanghai has been effective to mitigate the strain on our deliveries in markets outside the US," it said.

According to media reports, Tesla vehicles produced in the Shanghai factory were exported to Europe, Australia, Japan and Singapore among other regions.

The company plans to double its production capacity in the Shanghai Gigafactory to meet a growing demand in the Chinese and other markets, Reuters reported in February.

Data from the China Passenger Car Association show that Tesla delivered 78,900 vehicles made in Shanghai in June, including 968 for export.