Tesla's China dominance: This week in EVs

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Investing.com — Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: GM allies with Tesla; charging startups in need of a boost; all eyes on Stellantis.

As always, InvestingPro users got these headlines at lightning speed. Never miss another opportunity to secure an edge for your portfolio.

Tesla (NASDAQ:TSLA) has made remarkable strides in China's booming electric vehicle market this past month.

Thanks to substantial discounts, Tesla's market share significantly expanded in August, nearly doubling its share to 13.2%, up from 7.5% in July. The company booked sales of 64,694 vehicles in China during the month, an impressive feat in a highly competitive market.

One standout success was the China-made Model Y, which, according to the China Passenger Car Association (CPCA) recorded 65,316 deliveries.

Tesla's aggressive pricing strategy, including multiple price reductions throughout the year, seems to have paid off, making its EVs more accessible to Chinese consumers.

However, it's worth noting that Tesla introduced a redesigned Model 3 with a starting price that's 12% higher than that of the previous base model with rear-wheel drive, demonstrating a strategic balance between affordability and premium offerings.

Shares of TSLA reached a weekly high of $257.90 on Tuesday before closing the week down 3.6% to $248.50.

In another part of the globe, multinational automaker Stellantis (NYSE:STLA) is preparing for a significant leap in its battery production capacity. The company plans to raise its battery production capacity to a staggering 400 GWh to meet surging demand for EVs, announced Micky Bly, head of global propulsion systems at Stellantis.

Stellantis has already committed to