Tesla, the electric vehicle giant, saw a slight dip in sales of China-made vehicles last month, breaking a streak of three consecutive months of growth. According to data released by the China Passenger Car Association (CPCA), Tesla China sold 68,280 vehicles in October, which includes sales within China and exports to overseas markets. This figure represents a 22.69 percent decrease from the previous month’s sales of 88,321 vehicles in September and a 5.32 percent drop from the same period last year.
The company’s Shanghai factory produces the popular Model 3 sedan and Model Y crossover, catering to both local customers and serving as an export hub. Unfortunately, specific delivery figures for Tesla’s operations in China and the Shanghai plant are currently unavailable.
In the first ten months of this year, Tesla China sold a total of 744,038 vehicles, marking a 3.52 percent decline compared to the same period last year. As Tesla grapples with fluctuating sales figures, its major Chinese competitors have reported mixed results for October.
BYD, a leading Chinese automaker, achieved a significant milestone by selling a record 502,657 new energy vehicles in October, surpassing the 500,000 mark for the first time. Nio, another prominent player in the electric vehicle market, delivered 20,976 vehicles in October, continuing its trend of surpassing the 20,000 mark for the sixth consecutive month. Xpeng, a rising star in the industry, delivered 23,917 vehicles in October, marking its second consecutive month of record-breaking sales. Li Auto also reported a solid performance, delivering 51,443 vehicles in October, representing a 27.26 percent increase from the previous year.
It is worth noting that both BYD and Li Auto produce a mix of hybrid and battery electric vehicle models, while Tesla, Nio, and Xpeng focus exclusively on battery electric vehicles. Despite the challenges faced by Tesla in the Chinese market, the company continues to extend incentives, such as a 5-year 0-interest loan program, to attract customers.
As Tesla navigates the competitive landscape of the electric vehicle market in China, it remains to be seen how the company will adapt its strategies to maintain its position as a key player in the industry.
