Tesla sees 65% jump in revenue from China but headwinds continue
Xiaolu Chu/Getty Images News

Tesla (NASDAQ:TSLA) reported $5.13B in revenue from China in Q3, up around 65% Y/Y and accounting for nearly 24% of total turnover. The US made up 48% of revenue, making it the biggest market still.
The automaker's share of revenue from China picked up from around 22.4% in Q2, when it was weighed down by plant shutdowns in Shanghai amid COVID-19 pandemic restrictions.
For the first nine months of 2022, Tesla's revenue from China rose 50.4% to $13.6B. Despite these positive numbers, Tesla CEO Elon Musk said last week that "a recession of sorts" was under way in China. The automaker has said it would miss its vehicle delivery target this year.
Tesla saw a shortfall in Q3 deliveries and the company site now shows a cut in prices for its Model 3 and Model Y cars by as much as 9% in China.
The EV maker and other Chinese peers have also faltered amid panic selling linked to new COVID restrictions in Guangzhou that could impact manufacturing and supply chains and new Q3 GDP figures that fell below China's official full-year target of 5.5%, which is already its lowest goal in three decades.
Tesla's shares are down -3.38% as of 2:20PM ET.