Yahoo Finance’s Pras Subramanian joins the Live show to discuss Tesla's near-record deliveries from its China factory.
JULIE HYMAN: Now let's get to the global demand story. Tesla getting a big sales boost in China. Deliveries from its gigafactory in Shanghai totaling almost 77,000 last month. Wait, 77,000? Is that right?
BRIAN SOZZI: It seems right.
JULIE HYMAN: Wow. That's nearly triple from their sales in July. For more on this, we welcome in Yahoo Finance's Pras Subramanian. Pras, tell us what's going on.
PRAS SUBRAMANIAN: Yeah, Julie, believe it or not, they delivered 70-- nearly 77,000 vehicles in August alone. This is according to the China Passenger Car Association. That's a trade group down there that reports for a bunch of manufacturers. This is just shy of June's record of nearly 78,000 vehicles.
Now, I know this is a big jump from July, which was around 28,000, because that was the month the plant was shut down for a few weeks for optimization upgrades. These upgrades went to double capacity. And Tesla says that Shanghai will deliver on 750,000 vehicles a year.
In terms of split from August, around 34,000 vehicles went to the local market. 42,000-ish were shipped overseas. In overall China, new energy vehicles-- that's batteries, electrics, and hybrids-- are surging, right? They're up 111% in August alone and probably going to double overall year over year.