In April, Tesla's performance in China showed a significant decline amid stiff competition and a broader downturn in consumer sentiment. Tesla's shipments from its Shanghai factory fell by 18%, even as the overall market for New Energy Vehicles (NEVs) in China grew by 33%. This contrast is partly due to intense competition from local rivals such as BYD. Additionally, Tesla's share of the electric vehicle market in China decreased by 2.6 percentage points to 4%. Despite the domestic challenges, Tesla managed to increase its exports from China by 15.3% month-on-month, totaling 30,746 vehicles.
CHINA APRIL NEW ENERGY VEHICLE SALES UP 33.5% YEAR ON YEAR: INDUSTRY ASSOCIATION
CHINA JANUARY-APRIL VEHICLE SALES UP 10.2% YEAR ON YEAR, ACCORDING TO INDUSTRY ASSOCIATION
CHINA APRIL VEHICLE SALES UP 9.3% YEAR ON YEAR: INDUSTRY ASSOCIATION
China Auto Sales Fell in April Amid EV Price War https://t.co/phZ78AMe4l
CPCA: #China's retail sales of passenger vehicles -5.7% y/y to 1.532 million units in April, -9.4% m/m. NEV retail sales 0.674 mln, +28.3% y/y, -5.7% m/m. #Tesla China EV shares -2.6 percentage points to 4% in April. $TSLA China exported 30,746 vehicles(+15.3%m/m), and #BYD… https://t.co/Lwki5A5V46
"$TSLA has been particularly acute in China, where intense competition from rivals like BYD and weak consumer sentiment is hurting sales. Shipments from its Shanghai factory dropped 18% in Apr even as the overall market for NEVs grew 33%." https://t.co/gJ0iQ9j4Y0 https://t.co/xsLQF6r1Ao