Tesla Giga Shanghai Hits New Production Record

If anyone was concerned about Tesla’s year-end sales, it seems you can put those concerns to bed. Reportedly, Tesla Giga Shanghai has hit a new monthly production record and rolled out 90,802 Model 3 and Model Y vehicles in November, to be mostly delivered in December. Additionally, the Model Y is reportedly sold out for 2023 in China and Tesla has indicated it is still targeting 1.8 million vehicle sales in 2023 — which means a big bump from end-of-year sales.

The Model Y continues to be Tesla’s biggest seller in China (and everywhere), with about 60.5% share of the Chinese Tesla production (leaving 39.5% for the Tesla Model 3). However, the Model 3 Highland has resulted in a big sales increase for the model, even reaching record-high levels. But, really, October 2022, November 2022, and November 2023 Model 3 production were at basically the same level, and overall Model 3 plus Model Y production in November 2023 was just slightly higher than Model 3 plus Model Y production in November 2022.

Tesla Giga Shanghai set a new production record at 90,802 Model Y and 3 in November. 🇨🇳

With 60.5% the Model Y remains the dominant model. The Model 3 is after the Highland upgrade again up 79% from August and at it's record levels.

As you can see, this is the second month in a… pic.twitter.com/ATVHgf274W

— Roland Pircher (@piloly) December 8, 2023

$TSLA
Tesla China announced that Model Y was sold out this year.

– They also mentioned that they are on the way to deliver 1.8 million units globally in 2023. pic.twitter.com/Z42p85mMyM

— Tsla Chan (@Tslachan) December 8, 2023

All of this can be seen in a positive light or a negative light, though. On the positive side, sales are up and Tesla will likely reach another few sales records at the end of 2023. However, if you look at the charts and just crunch a few numbers, it’s clear Tesla is not close 50% growth in 2023 compared to 2022. Of course, Elon Musk has said that some years will be less and some will be more, and it’s just the overall growth target that’s been at 50% per year on average, but we are very far off of that growth target for now and the Cybertruck is not projected to hit large volume sales in 2024. Tesla is growing, but is it growing enough to warrant its high stock price and valuation? That’s what many would like to know.