Tesla's China Sales Have Best Month of the Year in August

FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
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Tesla's China Sales Have Best Month of the Year in August

FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo

Tesla's sales in China logged their best month for the year so far in August, with the US electric vehicle maker benefiting from brisk sales in smaller cities.
Tesla said it sold more than 63,000 cars in the world's biggest auto market last month, a hefty 37% jump from July, but probably still down from August last year when it sold 64,694.
While an encouraging improvement, its performance lags major Chinese rivals by a wide margin.
BYD, the world's biggest EV maker, said its China passenger vehicle sales surged 35% in August from a year earlier to a record monthly high of 370,854. Other local EV competitors including Leapmotor and Li Auto also reported higher sales.
Like many other automakers, Tesla has been badly bruised by a protracted price war in China where economic growth has also been sluggish and consumer confidence fragile. Its China sales declined 5% for the first half of the year.
Although Tesla has cut its local sales force as part of a global downsizing, a number of factors have helped recent sales momentum.
Tesla has since April offered zero-interest loans of up to five years for buyers, while several local governments have made its cars eligible for official car purchases in recent weeks.
It also received a key regulatory nod earlier this year, with the country's top auto industry association saying that data collection by Tesla vehicles was compliant with regulations, allowing Tesla cars to enter some government compounds that they used to be banned from.
An analysis by China Merchants Bank International of Tesla's China sales in July showed a 78% year-on-year increase in deliveries in so-called tier-three cities while its sales in second-tier cities such as Hangzhou and Nanjing rose 47%.
Separate data from the China Passenger Car Association for Tesla China-made vehicles which includes exports showed sales grew 3% in August from a year earlier to 86,697 units.
Deliveries of its China-made Model 3 and Model Y vehicles rose 17% from July.
Tesla plans to produce a six-seat variant of its Model Y car in China from late 2025, two people with direct knowledge of the matter said. The move is aimed at increasing the appeal of its best-selling yet aging EV.



GFH Acquires Dubai-based Logistics Fund

GFH Partners Ltd. has announced a strategic investment in Manrre REIT. Asharq Al-Awsat
GFH Partners Ltd. has announced a strategic investment in Manrre REIT. Asharq Al-Awsat
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GFH Acquires Dubai-based Logistics Fund

GFH Partners Ltd. has announced a strategic investment in Manrre REIT. Asharq Al-Awsat
GFH Partners Ltd. has announced a strategic investment in Manrre REIT. Asharq Al-Awsat

GFH Partners Ltd., the DIFC-based global asset management subsidiary of GFH Financial Group BSC, has announced a strategic investment in Manrre REIT, a premier Dubai-based fund specializing in institutional-grade logistics and industrial assets across the UAE and the GCC region.

Founded in 2018 by Palmon Group FZCO, a leading local logistics developer and owner, Manrre’s portfolio is valued at approximately AED 500 million ($136.1 million). This includes 26 high-quality, diversified industrial and logistics properties primarily in the UAE, establishing Manrre as a leading player in the region’s logistics and industrial real estate landscape.

This investment marks a pivotal milestone for Manrre and its future growth. Following the recent approval from the Dubai Financial Services Authority, GFH Partners has assumed the role of Fund Manager.

This transaction marks a significant milestone with the Fund converted into a Shariah-compliant investment vehicle and aspiring for growth by broadening its investor base and accelerating new acquisitions and projects across the UAE and Saudi Arabia, regions experiencing strong demand in the logistics and industrial sectors.

“Our investment in Manrre is an extension of GFH Partners’ strategy, cantered on collaboration with leading specialist asset managers operating in attractive segments of the global real estate market,” said CEO of GFH Partners Nael Mustafa.

“Already a major investor in logistics and industrial assets in the US, UK, and GCC region, we are well-positioned to leverage our deep experience to help accelerate Manrre’s growth and further build upon its unique market position,” he said.

“With a new structure and strengthened foundations, we look forward to capturing opportunities from strong macroeconomic drivers contributing to the growth of the logistics and industrial sectors across key markets in the GCC,” Mustafa added.

Kunal Lahori, Director of Manrre REIT Logistics Fund, also commented on the collaboration.

“This investment marks a pivotal moment for Manrre. We have consistently aimed to redefine the logistics and industrial real estate market in the UAE and beyond. With GFH Partners on board, we are well-positioned to expand our specialist asset class and further elevate Manrre’s market presence,” Lahori said.