Tesla's (NASDAQ:TSLA) Model Y Standard Range configuration in China is completely sold out for the remainder of 2023, as the company strives to achieve its ambitious target of delivering 1.8 million vehicles this year.
China stands out as one of Tesla's most successful markets, consistently driving the automaker to top positions in sales rankings among manufacturers due to the high demand for its vehicles.
The arrival of the Model 3 and Model Y has significantly contributed to the adoption of electric vehicles (EVs) among Chinese residents. Data from the World Resources Institute reveals that China's EV adoption rate, spurred by these two models, trails only behind Norway (where 80% of passenger vehicle sales were EVs in 2022), Iceland (41%), Sweden (32%), and the Netherlands (24%).
Tesla continues its pursuit towards its 1.8 million delivery target following upgrades made at its factories in Q3, which led to its first quarter-over-quarter decrease in deliveries in a couple of years.
Despite this, China has remained a significant focus for Tesla in recent years, playing a pivotal role in the company's overall sales and delivery performance.
Shares of TSLA are up 0.60% in afternoon trading on Friday.