In 2021, Tesla's revenue in China increased by nearly 108% year-on-year to $13.8 billion. Against the backdrop of rising revenues, the capacity of giga Shanghai, the company's main export center, has been expanding.
According to Tesla's 10-K filing with the U.S. Securities and Exchange Commission (SEC), Tesla's revenue in China reached a remarkable $13.844 billion in 2021, an increase of 107.8% year-on-year. In the first three quarters, the company's profit in China was $9.015 billion. Fourth-quarter revenue increased 53.6 percent to $4,829 million.
China is currently Tesla's largest market outside the U.S., accounting for 25.7 percent of the company's revenue. The U.S. remains the company's largest market, with local revenue reaching $23.973 billion in 2021, accounting for 44.55% of total revenue. This could change with the operation of the Texas Gigafactory in the United States, the further expansion of the Shanghai Gigafactory, and the start of production at the Berlin plant in Germany.
Tesla's revenue growth in China was driven by increased production and delivery of vehicles at the Shanghai plant. According to the China Passenger Car Association (CPCA), Tesla sold 473,078 units in China last year (including exports to overseas markets), accounting for 51.7% of the 936,000 deliveries worldwide.
In 2021, Tesla sold 169853 Model Y in China, making it the best-selling new energy SUV of the year. In addition, the Model Y became the best-selling luxury SUV in The country this year, regardless of the type of powertrain.
In 2021, Model 3 sales in China were 150,890 units, up 9.8% from 137,459 units in 2020. For the whole of 2021, the Model 3 became the third best-selling new energy sedan in China, second only to the cheap Wuling Hongguang Mini electric vehicle (395,451 units) and BYD Qin (187,227 units).