Tesla Inc's (NASDAQ: TSLA) efforts to make a big push in China are paying off, according to a report in the Chinese National Business Daily, which cited data released by the Power Battery Application Branch of the China Industrial Association of Power Sources.
Tesla's Shanghai Gigafactory, which began rolling out domestically made Model 3 vehicles in January, reportedly churned out 3,898 new EVs in February.
This accounts for more than 30% of the total new energy vehicle, or NEV, — comprising pure EV vehicles and hybrids — production in China, according to the NBD.
The numbers suggest Tesla has now overtaken domestic brand BYD in production.
Total China NEV production totaled 12,000 in February, a 77% year-over-year decrease.
The numbers apparently reflect Tesla's resilience following the COVID-19 disruptions seen since the outbreak of the viral epidemic.
The Shanghai Gigafactory restarted production Feb. 10.
The factory has capacity to produce about 3,000 Model 3 vehicles per week.
Tesla shares were trading down 12.04% at $618.77 at the time of publication Monday.
Photo courtesy of Tesla.