Tesla’s China shipments slump again as competition heats up

  • China’s EV sector remains hyper-competitive and automakers have had to turn to discounts and the rapid rollout of new models to entice consumers.
Tesla
China’s EV sector remains hyper-competitive and automakers have had to turn to discounts and the rapid rollout of new models to entice consumers. (AFP)
Tesla
China’s EV sector remains hyper-competitive and automakers have had to turn to discounts and the rapid rollout of new models to entice consumers.

Tesla Inc. shipments from its Shanghai factory fell for a third time this year in May, contrasting with robust growth for rivals and adding to signs of the fierce competition for customers playing out in China.

Tesla’s shipments, which include cars for domestic sale as well as for export, dropped 6.6% from a year earlier to 72,573 vehicles, according to preliminary data from China’s Passenger Car Association on Tuesday. Still, that represents a 17% increase compared with April, the data show.

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Industrywide wholesales of new-energy passenger vehicles were estimated at 910,000 units, up around 35% from a year ago, suggesting that demand continues to be supported by EV makers’ price discounts and government subsidies.

While Elon Musk’s EV company struggles to maintain growth momentum in its largest overseas market, local automakers have seen booming sales. BYD Co., the country’s best-selling brand, shipped 330,488 vehicles in May, up 38% from last year. A raft of recent releases also show strong figures for Nio Inc., Xpeng Inc. and Li Auto Inc.

China’s EV sector remains hyper-competitive and automakers have had to turn to discounts and the rapid rollout of new models to entice consumers. Tesla’s most recent completely new model launch, the Cybertruck, isn’t available in the country. The company’s best-seller is the Model Y, first introduced in 2019.

First Published Date: 05 Jun 2024, 09:05 AM IST
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