Tesla overcomes slow start in China as revenue triples to top $1 billion
Tesla Inc.'s revenue from China last year tripled to more than $1 billion (6.9 billion yuan), indicating better traction in the market that CEO Elon Musk has predicted could eventually become the company's biggest.
China accounted for more than 15 percent of Tesla's $7 billion of total revenue last year, according to a U.S. regulatory filing. Sales from the U.S. more than doubled to $4.2 billion.
After a splashy start in China in 2014, Tesla suffered a number of setbacks such as slow deliveries, orders by customers that Musk dubbed "speculators" and concerns about a lack of battery-charging stations.
China revenue fell by a third in 2015.
To address customers' range anxiety, Tesla said it would introduce converters that enable owners to power their vehicles at state-run charging stations. Tesla, of Palo Alto, Calif., does not release vehicle sales or deliveries by country.
More than 97 percent of Tesla's revenue comes from its automotive businesses, with the rest coming from energy generation and storage.
After a splashy start in China in 2014, Tesla suffered a number of setbacks such as slow deliveries, orders by customers that Musk dubbed "speculators" and concerns about a lack of battery-charging stations.
China revenue fell by a third in 2015.
To address customers' range anxiety, Tesla said it would introduce converters that enable owners to power their vehicles at state-run charging stations. Tesla, of Palo Alto, Calif., does not release vehicle sales or deliveries by country.
More than 97 percent of Tesla's revenue comes from its automotive businesses, with the rest coming from energy generation and storage.
