tesla
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Bitcoin hits another record high after Tesla’s $1.5B buy-in
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Tesla buys $1.5 billion in bitcoin, sending it to all-time high
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Elon Musk takes a break from Twitter after market-moving posts
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Tesla agrees to recall 135,000 vehicles over touch screen issues
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Tesla’s sales in China more than doubled last year, accounting for about a fifth of its total revenues, the electric-car maker said.<\/p>\n
The Elon Musk-led company raked in nearly $6.7 billion in sales from China in 2020, or about 21 percent of the $31 billion it made worldwide, according to an annual report Tesla released Monday.<\/p>\n
That marks a sharp increase from 2019, when China made up about $3 billion \u2014 or just 12 percent \u2014 of the automaker’s total revenues of $24 billion, the report shows.<\/p>\n
The jump came as Tesla ramped up production at its “Gigafactory” in Shanghai, which opened in late 2019. The plant makes Model 3 sedans and Model Y SUVs that are sold locally in China and exported to Europe.<\/p>\n
While the US remained Tesla’s largest market in 2020 with sales of more than $15 billion, China has played an increasingly important role in the company’s business as the world’s largest market for electric vehicles.<\/p>\n
But Tesla also faces competition from local rivals such as Nio as well as increased scrutiny from regulators concerned about the safety of its vehicles. <\/p>\n
Beijing’s State Administration for Market Regulation said Monday that it had met with Tesla’s Chinese affiliates and other government agencies to discuss a range of safety issues. <\/p>\n
That came after Chinese officials recalled about 36,000 Model S and Model X vehicles over concerns about their touch-screen displays failing, according to CNBC. There were also reports in January that a Model 3 car had exploded in a parking garage in Shanghai.<\/p>\n
“Tesla clearly needs to navigate any quality and regulatory issues in China over the coming months with a golden age of [electric vehicles] on the horizon,” Wedbush Securities analyst Daniel Ives said in a Tuesday research note, describing the recalls and quality concerns as “growing pains” for the company.<\/p>\n
Tesla shares were down about 1.8 percent at $848.01 as of 11:34 a.m. Tuesday.<\/p>\n