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Tesla's sales in China plummeted in September while its stock price was down around two percent on Monday this week but recovered later in the day. Based on a recently published report by the China Passenger Car Association, the American electric vehicle manufacturer's sales for its China-made EVs dipped 11% year over year.
As per CNBC, the report further stated that Tesla was able to sell 74,073 units of China-made EVs during the month. It was specified that the sales for Model 3 and Model Y dropped last month. It was noted that part of the sales may be from overseas sales as the company exports most of its China-made units.
Sales Decline Despite Price Slash
The news of the EV maker's diminished sales comes just a week after it announced its third-quarter vehicle deliveries. The numbers for these deliveries were said to be below the average, and some units were from production in the previous quarter as well.
"A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call," Tesla stated. "Our 2023 volume target of around 1.8 million vehicles remains unchanged."
In any case, the sales still turned out low despite Tesla's move in August to slash the prices of its Model 3 and Model Y in China. It has also announced a price reduction in the U.S. just last week.
Tesla's Rival BYD Gains Ground Amid the Weak Sales
WION News reported that while Tesla has a disappointing result, BYD Auto Co., Ltd. saw its vehicle deliveries soar. The numbers grew by 42.8% to reach 286,903 last month from its 200,973 record in the same period last year.
Meanwhile, Tesla and its rivals in the country are now getting ready for a possible rally in consumer sentiment. This anticipation is incited by considerable discounts and special tax incentives designated for green vehicles. The indications of economic stabilization in the region also played a role in this optimism from automakers.
Photo by: Neo Tan/Unsplash
