(Yicai Global) Feb. 8 -- Tesla's revenue from China, the US electric carmaker's second-biggest and fastest-growing market, more than doubled last year thanks to robust production and sales.

The US electric carmaker’s revenue from China was USD13.8 billion in 2021, up 108 percent from the previous year, Tesla said in a filing to the US Securities and Exchange Commission yesterday.

Tesla’s Shanghai gigafactory, its largest production base outside of the United States, delivered 480,000 cars last year, accounting for 51 percent of the company’s total. More than 160,000 China-made vehicles were exported to over 10 countries in Asia and Europe.

The California-based firm’s total revenue was USD53.8 billion, a gain of 71 percent. The US was still Tesla’s prime market, jumping 58 percent to USD24 billion. Other markets, including Europe and India, jumped 66 percent to USD16 billion. Net income soared 7.7 times to USD5.5 billion.

Testa started building the Shanghai plant in 2018 to reduce transportation and manufacturing costs and sidestep adverse tariffs. The city government gave Tesla a preferential corporate tax rate of 15 between 2019 and 2023, compared with the statutory 25 percent for China. Over 90 percent of the car parts used at the plant are produced in the country.

Editor: Futura Costaglione