Emerging Market Countries

According to data released by the China Passenger Car Association (CPCA) on the 3rd, US electric vehicle (EV) giant Tesla sold 64,285 new EVs made in China in July, down 31% from the previous month. Photo taken in January 2021 (2023 REUTERS/Tingshu Wang/File Photo)

BEIJING/SHANGHAI (Reuters) – U.S. electric vehicle giant Tesla’s sales of new EVs made in China in July fell 31% from the previous month, according to data released on Monday by the China Passenger Car Association (CPCA). It was 4,285 units. It is the first time in seven months since December last year that the number has decreased. Buyers shifted to cheaper electric vehicles, and China’s BYD extended its lead over Tesla.

Tesla was 2.28 times more than the same month last year (28,217 units). In July last year, production was curtailed due to renewal work at the Shanghai factory.

BYD, which develops the Dynasty and Ocean series of EV and hybrid vehicles, sold 261,105 new passenger cars in July, up 61% year-on-year (of which 18,169 were exported).

Tesla has prioritized sales growth over profits this year, cementing its popularity in China, the world’s largest auto market. On the other hand, Chinese automakers will exceed 50% of new car sales in the first half of 2023 for the first time.

Tesla was the only foreign automaker to gain market share in China in the first half, according to Chinese industry data. The number of deliveries in the second quarter of 2011 reached a record high of 156,676 units.

By contrast, BYD outsold Tesla by 29% in EV sales in China in the first half. The low-end Dolphin has outsold Tesla’s Model 3.

The CPCA will release detailed data for July later this month.

2023-08-03 16:05:00
#Tesla #sales #Chinesemade #EVs #drop #July #industry #group