Tesla’s China sales slump to three-year low as demand falters
- Tesla’s China sales tumbled to 26,006 vehicles in October, their lowest level in three years, highlighting weakening demand in the world’s most competitive electric vehicle market.
- The total was down 35.8% from a year earlier and far below September’s 71,525 units, when Tesla began deliveries of the new Model Y L.
- Despite the local slowdown, exports of China-made Teslas rose to a two-year high of 35,491 units, according to data from the China Passenger Car Association.
- Tesla’s share of China’s EV market fell sharply to 3.2% from 8.7% the prior month — the weakest since 2022.
The U.S. automaker faces rising competition from domestic brands like Xiaomi, whose new SU7 and YU models sold nearly 49,000 units in October. Broader auto sales in China also softened as consumer sentiment weakened following reduced subsidies and tax breaks.
This article was written by Eamonn Sheridan at investinglive.com.