Tesla's year-end targets are under pressure as China's delivery volume declines again

Despite the Chinese government's increase in subsidies aimed at attracting more consumers to purchase electric vehicles, Tesla's Shanghai factory saw a decline in deliveries for the second consecutive month in November. Preliminary data released by the China Passenger Car Association on Tuesday showed that Tesla's shipments last month totaled 78,856 vehicles, a year-on-year decrease of 4.3%. However, this figure represents a 15.5% increase compared to October. In China, the world's largest automotive market, major brands like Tesla and local competitor BYD are offering additional incentives to car buyers in a final push to achieve year-end sales targets. The Chinese market is extremely important for Tesla, and the company's performance in China this quarter will be crucial for its ability to end 2024 with record sales. Tesla must sell at least 515,000 electric vehicles globally in the last three months of 2024 to achieve its guidance of "slight growth" in annual sales, compared to last year's sales of 1.81 million vehicles. Additionally, the association announced that in November, the wholesale sales of new energy passenger vehicles in the country reached 1.46 million units, a year-on-year increase of 51%