China is Tesla's cash cow, but for how much longer?

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特斯拉上海工厂6月产量创下新高，但这家美国车企在中国的日子却并不轻松。核心亮点是：中国生产、全球销售，上海工厂已成为特斯拉的“利润奶牛”，但公司已在悄悄为“去中国化”做准备。通俗点说，特斯拉在上海造车，成本比德国和美国低不少，加上中国供应链便宜、政府还有出口退税，所以它把在中国生产的车大量卖到欧洲、加拿大和亚洲其他市场。今年第二季度，特斯拉在中国造的车有一半多卖到了国外，留给中国消费者的反而少了。原因是国内买家对Model 3有点审美疲劳，销量连续一年多下滑。这件事对普通人的影响很直接：如果你打算买特斯拉，未来国产版车型的供应和价格可能会变化。同时，特斯拉如果真把中国业务和海外业务拆开，可能会影响国内工厂的产能和员工就业，也会让中国本土电动车品牌面临更激烈的竞争。对消费者来说，短期内或许还能享受到上海工厂低成本带来的价格优势，但长期看，特斯拉的战略调整可能会让中国市场的车型选择变得不那么“全球同步”。

Tesla's factory in Shanghai had its best June ever, according to the China Passenger ⁠Car Association. Tesla built 93,579 cars in China that month, a hefty 38 percent increase compared to June 2025, according to CPCA's data. But that production isn't translating into bumper sales to Chinese customers. Rather, sales have been down quarter on quarter in China for more than a year now, particularly as buyers tire of the Model 3 sedan. Almost 40 percent of the EVs that Tesla built in June were destined for export. And in Q2 in total, more than 50 percent—just—of the cars it built were for Europe, Canada, and other Asian markets: 128,394 versus the 126,157 Chinese-built Teslas that were sold to Chinese buyers. Low labor costs compared to Germany or the US are a big boon here, as are cheaper components from local suppliers. Throw in some export-related tax rebates from the Chinese government, and it's not hard to see how Tesla's Shanghai plant is an extremely valuable asset. Despite this seemingly critical importance to the automaker at a time when its profit margins are evaporating, Tesla may be contemplating a future without China. Last week, The Wall Street Journal reported that some Tesla executives have been tasked with separating Chinese and non-Chinese parts of the company, although Tesla denied such preparations were underway.Read full article Comments