Tesla's January Sales in China Take a Hit

In a surprising turn of events, Tesla Inc. experienced an 11.5% decrease in the sales of its electric vehicles manufactured in China this January, compared to the same period last year. This information comes from a preliminary report by the China Passenger Car Association (CPCA) released on a recent Friday.

BYD Outpaces Tesla with Significant Growth

In contrast, Tesla's local competitor, BYD, showcased a remarkable 47.5% increase in vehicle deliveries in January 2024, although it saw a 41.8% decrease from the previous month. This highlights the intense competition in the Chinese electric vehicle market.

Model 3 and Model Y Deliveries Drop

Further adding to Tesla's challenges, the deliveries of its China-made Model 3 and Model Y vehicles plummeted by 32.6% on a month-to-month basis, as reported by the CPCA. This downturn raises questions about Tesla's strategy and market position in China, one of the world's largest automotive markets.