In February, China's auto industry experienced a significant downturn, with passenger car sales dropping 21.6% year on year to 1.11 million units, as reported by the China Passenger Car Association (CPCA). This decrease was attributed to a combination of factors including a price war among manufacturers and a long holiday period. Despite this, the CPCA noted a 16.3% year-on-year increase in passenger car sales for the January-February period, totaling 3.16 million units. The electric vehicle (EV) sector, led by companies like Tesla and BYD, also faced challenges. Tesla's market share in China slightly decreased to 6.7%, down by 0.1 percentage points, with a 4.3% month-on-month reduction in exports, totaling 31,566 vehicles in February. BYD's exports saw a more significant drop of 35% month-on-month. Tesla's production in its Shanghai plant also declined to its lowest monthly figure since late 2022, with 60,365 cars delivered and 30,224 units exported in February, down about 25% from the previous year. The industry's overall slowdown was further evidenced by the slowing growth in EV sales at the start of the year, amid intensifying competition and deeper price cuts led by market leader BYD.
China’s new-energy carmakers should explore new markets overseas as a renewed price war at home tests their ability to control costs amid the waning effectiveness of price cuts to boost sales, according to an industry analyst. https://t.co/BGKMM1w63j
China’s vehicle sales fell sharply in February, dragged down in part by an intensifying price war in the world’s biggest auto market. Retail sales of passenger cars declined 21% from a year earlier and 46% from January. @ivy_jiahuihuang https://t.co/t8V7djetcD
🚨 Monthly chart update - $TSLA China GF3 Sales 3 month rolling average. I don't have data for model breakdown, so chart assumes 1/3 of 2024 sales are Model 3. Plenty of inventory exists for March sales. https://t.co/i9cmWbpcxS
Very rough month for BEV sales in January https://t.co/f0aQ1weTfh
China's electric vehicle sales growth slowed in the opening months of this year, industry data showed, with competition intensifying as market leader BYD led a deeper round of price cuts https://t.co/Ih8FVxNniA https://t.co/tdHjVGBHaE
$TSLA +0.35% premkt ❖ Tesla delivered 60,365 cars made at its Shanghai plant in February, its lowest monthly figure since late 2022, the data showed. ❖ Tesla China exported 30,224 units in February, down about 25% from 40,479 units in February last year: the China Passenger…
Explainer: How a new round of price cuts are reshaping China’s EV market https://t.co/PGCW9Ydbbv
CPCA: #Tesla China EV shares at 6.7%, down by 0.1 PPs versus the same period in 2023. $TSLA China exported 31,566 vehicles in February(-4.3% m/m), and #BYD 23,291(-35% m/m).
China’s Vehicle Sales Dropped in February Amid Price War, Long Holiday https://t.co/rvfa36EDYH
#China EV sales slow in January-February as competition intensifies #oott https://t.co/kuHIdEtb7D
🔴 CHINA AUTO INDUSTRY BODY CPCA REPORTS 16.3% YOY INCREASE IN PASSENGER CAR SALES TO 3.16 MILLION IN JAN-FEB
🔴 CHINA AUTO INDUSTRY BODY CPCA REPORTS: FEBRUARY PASSENGER CAR SALES DOWN 21.6% YEAR ON YEAR, WITH 1.11 MILLION CARS SOLD
🔴 CHINA AUTO INDUSTRY BODY CPCA: CHINA SELLS 11 MILLION PASSENGER CARS IN FEBRUARY, DOWN 21.6% YEAR ON YEAR