Tesla (TSLA) retail sales crash 16% in China in Q1 despite ‘rising’ wholesale numbers
Tesla’s actual retail sales in China crashed 16% year-over-year in Q1 2026, with March alone plunging 24% — despite several media outlets reporting that Tesla’s China numbers were up for the quarter.
The discrepancy comes down to the difference between wholesale and retail numbers. Tesla’s wholesale figures include vehicles produced at Giga Shanghai and exported to other markets, masking a significant decline in actual Chinese consumer demand.