Tesla's Q2 revenue in China slipped 18.6% sequentially
As per 10-Q filings, Elon Musk's Tesla (NASDAQ:TSLA) reported revenue in China dropped 18.6% Q/Q but rose 32.45% Y/Y to $3.787B.
This is the first sequential decline in China revenue since the Shanghai plant began production in 2019.
U.S. revenue was $9.6B in the quarter, almost 56% of the total global revenue of $16.9B.

The company's Shanghai plant stopped production when the city went into lockdown and officially began resuming limited production on April 19, only to return to 100% capacity utilization in early June.
The company cashed in $64M by converting around 75% of its bitcoin holdings into fiat currency, according to regulatory filings and recorded $170M in impairment charge for the first six months of 2022.
As of 30th June, the fair market value of Tesla's digital assets was worth $222M.
The company sold $936M worth of bitcoin last week to bolster its cash position in the wake of the shutdown of its Shanghai factory as China deals with surging Covid-19 cases.
The sale represented roughly 75% of its $1.5B cryptocurrency stash, which the company began accumulating in Q1 2021.
"Our cost reduction efforts and additional localized procurement and manufacturing are key to our vehiclesâ affordability, and for example, have allowed us to competitively price our vehicles in China. In addition to our ongoing production ramp in 2022, we will also continue to generate demand and brand awareness by improving our vehiclesâ performance and functionality, including through products based on artificial intelligence such as Autopilot and FSD, and other software features. Moreover, we expect to continue to benefit from a spike in demand in the automotive industry generally, as well as ongoing electrification of the automotive sector and increasing environmental awareness."
A look at quarterly sales trends in China:

In Q2, the company delivered 254,695 vehicles worldwide, up 26.56% from 201,250 in the same period last year and down 17.85% from 310,048 in the first quarter and delivered 89,275 units in China.
TSLA shares down 0.3% PM.