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Tesla’s struggle in China | Financial News Network
Tesla’s performance in China – its most important market – continues to decline, raising more questions about its performance this quarter and the rest of 2024.
Data from the China Passenger Car Association showed on Tuesday that Tesla’s sales in the first five months of this year fell more than 7% from a year earlier to 355,616 vehicles, down from 382,859 in the same period last year.
Sales in the March quarter were down 4% compared to the first quarter of 2023.
This is despite a small recovery in sales last month, although it was weaker than in May 2023.
Tesla China sold 72,573 vehicles in May, including those sold in China and those exported to foreign markets, according to data from the China Passenger Car Association (CPCA).
This represents a 16.7% increase from 62,167 units in April, but a 6.5% drop from 77,695 units in May last year.
Tesla has a factory in Shanghai that currently has an annual production capacity of more than 950,000 vehicles, the largest in the world.
As reported earlier this week, BYD had a great first five months of 2024, with strong overall sales and significant sales of plug-in hybrids and BEVs.
BYD has advanced so much compared to Tesla that it sold more versions of its Song vehicle (82,174 units) in May than Tesla did with its two models in China – the 3 and the Model Y.
BYD sold 146,394 BEVs in May and a total of 589,974 BEVs in the January-May period.