Tesla's October China-made EV sales drop 5.3% year-on-year
Tesla's October China-made EV sales drop 5.3% year-on-year
Following Tesla's recent slump, the U.S. automaker's China-made electric vehicles sold 5.3 per cent lower in October year on year, with 68,280 vehicles delivered, said the data from the China Passenger Car Association (CPCA), in a Monday release. It comes after deliveries of the China-made Model 3 and Model Y fell sharply by 22.7 percent month on month in September.
Compared with China's main rival Tesla, home automaker BYD reported a 66.2 percent increase in sales of passenger vehicles, reaching a record 500,526 in October, up 66.2 percent from a year earlier. Strong demand for electric and plug-in hybrid vehicles, boosted BYD’s success. Meanwhile, overseas shipments comprised a portion of 6 percent of the company's total sales, said a recent BYD filing.
Tesla's deflated October sales mark contrast to its strong third quarter earnings report beating expectations. Aggressive sales promotions helped boost deliveries, while cost cutting measures including layoffs, helped the company. Though Tesla did the best in terms of EV shipments in the third quarter, BYD recorded the most revenue.
To remain competitive, Tesla has continued its zero interest financing scheme for Model 3 and Model Y cars in China until November. Financing promotion, which was first rolled out in July, is aimed at helping the company ride out the growing competition from both homegrown and overseas rivals in China's fast rising EV market.
Tesla takes on humbler paths as the road gets rougher in China, while continuing to battle BYD as it holds strong place as a leading contender in the electric vehicle field locally and abroad.
