Tesla Inc. TSLA recorded a 12% YoY drop in its Chinese sales for the week of July 28 to August 3, despite recording quarterly growth in registrations in China.
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Tesla Records 46% Quarterly Growth In China
The EV giant recorded 11k new insured registrations in China, indicating a 3.3% surge from the previous week, influencer Roland Pircher shared data in a post on X on Monday.
“The quarter is -10.2% vs. 24Q3 the best quarter after 5 weeks,” Pircher said in the post before adding that YTD sales were down 5.7% compared to the same period last year, and that it was the second highest week of this quarter.
Elon Musk’s New Compensation Package
The news comes as the board of directors announced a new compensation package for CEO Elon Musk, awarding the billionaire with 96 million shares in the company, totaling around $29 billion.
The package is the board’s attempt to compensate Musk since the previously approved $56 billion package was overruled by a court in Delaware in 2024.
Tesla’s Global Sales Are Shrinking
The company’s sales have experienced a sharp decline in the U.S., where California reported a 21% fall in sales despite Model 3 and Model Y being the best-selling EVs.
Tesla’s European figures are dwindling too, with sales in Sweden, Denmark and France falling for the seventh consecutive month and could pose a challenge for the automaker’s plans in the future.
Tesla scores well on Momentum, Quality and Growth metrics, but offers poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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