An aerial drone photo shows U.S. carmaker Tesla's Megafactory in Shanghai, east China, Feb. 8, 2025. (Xinhua/Fang Zhe)

Tesla said on its latest financial report that its Shanghai Gigafactory remains its main export hub which supports market expansion in the Asia Pacific, and the carmaker continues to prepare for broader release of Full Self-Driving (FSD) in China pending approvals.

The company reported on Wednesday (US time) a double-digit drop in adjusted earnings for the second quarter, a fall that followed a record sales drop in the same period, the CNN reported.

The company's adjusted net income, the measure closely watched by Wall Street, fell $419 million from one year ago to $1.4 billion, marking a 23-percent decline, according to financial results the company posted on Wednesday. The drop in net income outpaced the sales decline of 13.5 percent over the same period.

Tesla Shanghai Gigafactory remains its main export hub and continues to support greater market expansion, the company said, noting that "We achieved record delivery volumes in South Korea, Malaysia, the Philippines and Singapore."

The company said it launched the Model Y in India in July, marking its entry into the world's third largest car market.

In China, the US electric car maker said it continues to prepare for broader release of FSD (Supervised)1 this year, pending regulatory approval.

In June, of the 8 million vehicles produced by Tesla, nearly half were produced in Shanghai, according to a press release sent to the Global Times last week. Accumulatively, the plant has produced over 3 million units of vehicles, the company said.

Commenting on China's EV making technology, Karim Bousta, DVx Ventures co-founder and managing director as well as a former Tesla VP, said in an interview with Asking for a Trend that it is incredibly impressive to see how quickly Chinese (EV plants) caught up on all aspects - the hardware, the software, the charging infrastructure, the battery technology and also the manufacturing.

Global Times