Tesla’s China-made EV sales drop 18% y/y in April

Tesla's China-made EV sales drop 18% y/y in Apri(image:Reuters)

VoM News Desk | May 7, 2024 | 04:30 PM IST | China | Follow on Google News

Tesla’s China-made EV sales drop 18% y/y in April

Tesla’s China-made EV sales drop 18% y/y in April

BEIJING, May 7 (Reuters) – U.S. automaker Tesla (TSLA.O), opens new tab sold 62,167 China-made electric vehicles in April, down 18% from a year earlier, China Passenger Car Association (CPCA) data showed on Tuesday.

Deliveries of China-made Model 3 and Model Y vehicles slid 30.2% from March.

Tesla’s China-made cars are also exported to various markets including Europe and the CPCA didn’t provide a breakdown of Tesla exports by destination. Tuesday’s numbers are a prelude of full data for April due out later this week.

The sharp slide contrasts with rising EV sales in the world’s largest auto market, albeit at the slowest, opens new tab pace in a year in the first quarter, amid slowing demand and a ferocious price war.

China’s new-energy vehicle sales including battery-powered EVs and plug-in hybrids were estimated to hit 800,000 units in April, up 33% on the year and a 2% drop from the month before, according to CPCA data.

Tesla’s biggest Chinese rival BYD (002594.SZ), opens new tab, with its Dynasty and Ocean lineups of EVs and plug-in hybrids, sold 312,048 passenger vehicles in April, up 48.97% year-on-year and a 3.5% increase from March.

Tesla saw first-quarter vehicle deliveries fall for the first time in nearly four years. The company began the second quarter announcing layoffs of more than 10% of its global workforce and slashing vehicle prices in major markets including the United States, China and Europe.

Tesla’s deliveries of China-made EVs skidded 19% year-on-year in February before edging up 0.2% in March, but the decline in tandem with a 25% slide in overall EV sales in China in February was partly due to shifted timings of the Chinese Lunar New Year that fell in February this year instead of January.

(Except for the headline, this story has not been edited by VoM News staff and is published from syndicated feed)

VoM News Desk

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