Elon Musk's Tesla Inc. (NASDAQ:TSLA) announced that the company has sold over 3 million units of the Model 3 sedan worldwide.
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What Happened: The EV giant made the announcement on Chinese social media platform Weibo, which could be viewed as a counterpart for Musk-owned X (formerly Twitter)
"Model 3 is selling 3 million units worldwide," the company said in the post on Weibo. The company also shared that Tesla sells one unit of the Model 3 every 1.5 minutes.
"Ranked first in global pure electric car sales for 7 consecutive years," the company said in the post.
Source: Tesla via Weibo (Original post in Chinese)
Why It Matters: The news comes as Tesla announced a rebound in Chinese sales as the company recorded over 12.3k new insured registrations in the Chinese market in the second week of July.
However, the company has experienced sluggish sales in the U.S., with new units sold dropping 6% YoY in the country. Despite this, Tesla remains the segment leader with a 44% market share in America.
Tesla also announced a series of offers on its vehicles in the U.S., including the Cybertruck, the Model 3 and the Model Y, in a bid to boost adoption among customers.
As sales continue to decline, Tesla appointed Raj Jegannathan, a senior IT executive at the company, to oversee the sales team after Troy Jones's departure following a 13-year-long stint.
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