China-built Tesla Model 3’s insurance registrations jump 31.82% MoM in June

Shanghai (Gasgoo)- The number of consumers in China buying the Mandatory Liability Insurance (MLI) for Tesla's China-built Model 3s hit a new high of 14,977 units in June, jumping 31.82% over the previous month, according to the China Insurance Regulatory Commission.

During the same month, the insurance registrations of the imported Model 3 sedans, Model X SUVs and Model S sedans reached 45 units, 432 units and 76 units respectively.

For the first half of 2020, the registrations of Tesla's vehicles added up to 50,314 units in the country, 92.43% of which were the domestically-produced Model 3s.

Since the scale delivery kicked off in January, the homegrown Model 3 has received a strong reception in the world’s largest auto market, not only becoming the hottest-selling EV model, but also taking on such premium mid-sized sedans as the BMW 3 Series and the Mercedes-Benz C-Class. The robust performance should be partly thanks to “Model 3's lower price point (even before subsidies and vehicle tax), reduced operating costs and industry-leading standard equipment,” the EV manufacturer said in its 2020's Q2 earnings update.

(Photo source: Tesla's WeChat account)

Tesla also revealed the construction for the Model Y lines in the Shanghai factory is panning out as scheduled and the first delivery is expected for 2021.

Impacted by the COVID-19 pandemic, Tesla's Shanghai factory extended shutdown in February, but resumed production before long as the pandemic was ebbing in the country. The automaker is firing on all cylinders to ramp up the outputs at the Shanghai plant, where it aims to produce 150,000 vehicles by the end of the year.

Tesla lowered earlier this week the deposit that buyers in China should pay, attempting to maintain its rising sales momentum confronted with the intensifying domestic rivalry and the phase-out of government's subsidies on NEVs. It now requires only 1,000 yuan ($143) of non-refundable deposit for the Model 3, Model X and Model S vehicles, versus a refundable deposit of as much as 20,000 yuan ($2,856) a consumer was previously requested to pay.