Tesla's China-made EV sales fall 17.8% in Nov, biggest drop since Dec 2022 By Reuters
2023-12-04 18:20:03
more 
1423

BEIJING/SHANGHAI (Reuters) - Sales of U.S. automaker Tesla (NASDAQ:)'s China-made electric vehicles (EVs) skidded 17.8% in November from the same month a year earlier, to 82,432 cars, China Passenger Car Association (CPCA) data showed on Monday.

That marked the biggest fall since December 2022 when Tesla's sales of China-made EVs fell 21% on the year as the U.S. automaker reduced output and cut prices to deal with rising inventories and weakening demand.

Deliveries of China-made Model 3 and Model Y cars were however 14.3% higher than in October.

Chinese rival BYD (SZ:), with its Dynasty and Ocean series of EVs and petrol-electric hybrid models, saw passenger vehicle deliveries set another record at 301,378 vehicles in November, up 0.09% from October and 31% from a year earlier.

Tesla has been under pressure to fend off competition in the world's largest auto market, though CEO Elon Musk's charm offensive in China continues unabated.

Musk was among a small group of top U.S. executives who met with Chinese President Xi Jinping before a dinner event on the sidelines of the APEC summit in San Francisco in mid-November.

Xi expressed his support for Tesla's development in China, the automaker said in a Weibo (NASDAQ:) post. Musk, in response, said he appreciated the rapid development of China's new energy vehicle sector.

A Tesla-triggered price war in China since the start of the year has roped in more than 40 brands but its share of the country's EV market dropped to 5.78% in October from 8.7% in September, Reuters' calculations based on CPCA data show, as EV sales reached a monthly record.

Since late October, Tesla has made five upward price adjustments in China where EV demand growth is slowing as consumers favour more affordable plug-in hybrids even with an ever-increasing range of battery-only vehicles.

Li Auto (NASDAQ:) last month said mass production and delivery of its first full EV are scheduled for February.

Smartphone maker Xiaomi (OTC:) has also moved closer to EV production, with a unit of automaker BAIC Group applying for regulatory approval to build two Xiaomi-branded cars.

Statement:
The content of this article does not represent the views of fxgecko website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!

Related News

您正在访问的是FxGecko网站。 FxGecko互联网及其移动端产品是中国香港特别行政区成立的Hitorank Co.,LIMITED旗下运营和管理的一款面向全球发行的企业资讯査询工具。

您的IP为 中国大陆地区,抱歉的通知您,不能为您提供查询服务,还请谅解。请遵守当地地法律。