Tesla’s sales in China are now nearly half what the automaker sells in the U.S.
Elon Musk’s electric car company reported sales of $3.11 billion in China in the third quarter, or 48.5% of the $6.41 billion U.S. sales during that time, according to a filing Monday.
That ratio is up from 41.4% a year ago, and less than 10% in 2018, filings show.
China’s share of Tesla’s overall sales rose to 22.6% in the third quarter, up from just under 20% a year ago.
Tesla has opened a gigafactory in Shanghai and delivered its first China-made cars to local customers just before the onset of the coronavirus pandemic in January 2020. The company began delivering a second China-made model locally this year.
Despite criticism from state media and social media users, Tesla’s electric cars remain popular in China.
Both Model 3 and Y rank among the top three sold in China’s new energy vehicle passenger car market, according to the China Passenger Car Association.
Tesla shares hit a record high — and a $1 trillion market cap — in New York trading Monday after rental company Hertz announced it would buy 100,000 Tesla cars by the end of next year.
China is the world’s largest auto market, and a major destination for global brands. German auto giant Volkswagen generates about 41% of its sales volumes in China, according to Goldman Sachs.