The EV revolution is completely underway. Contributed by several popular models, EV sales in China are taking off.
On February 7, 2022, Tesla submitted its 2021 fiscal year 10-K annual report to the SEC, which disclosed the company's revenue data in major global markets. According to the documents, Tesla's revenue in China reached USD 13.84 billion in 2021, surging 107.8% year on year. Taking into account that Tesla's revenue in China was USD 9.12 billion in the first three quarters of last year, Tesla's revenue in China in the fourth quarter of last year reached an all-time high of USD 4.83 billion.
Tesla's surge in revenue in China was largely owing to increased capacity and sales at Shanghai's super factories, Tesla Giga Shanghai. According to China Passenger Cars Association (CPCA), Tesla sold 484,130 electronic vehicles in China in 2021, accounting for 51.7% of Tesla's 936,000 global sales. Notably, China is now Tesla's largest market outside the United States, contributing 25.7% of company revenue. The United States remains Tesla's primary market, with revenue reaching USD 23.97 billion in 2021, accounting for 44.6% of the company's total revenue.