Key takeaways
- Sales of China-made Tesla electric vehicles fell 12% in September from August and 10.9% from 2022, according to the China Passenger Car Association.
- The news came after that Tesla reported fewer than expected global deliveries in the third quarter as downtime at its factories led to lower production.
- Chinese rival BYD reported a 42% increase, 8% year-over-year sales of its electric and hybrid models.
Tesla (TSLA) shares lost ground on Monday after the China Passenger Car Association (CPCA) announced that the electric vehicle maker sold 74,073 Chinese-made electric vehicles in September, down 10.9% from last year.
The decrease compared to August was 12%. This follows record deliveries of Chinese-made vehicles in the second quarter of the year. Tesla produces its two cheapest electric vehicles, the Model 3 and Model Y, in China, and intends to introduce a more expensive version of the Model 3 there, which it plans to start to be delivered during the current quarter.
Last week, the company reported it delivered 435,000 vehicles globally in the third quarter, lower than analysts' expectations, as planned downtime to upgrade factories disrupted production.
While Tesla sales fell, deliveries of Chinese rival BYD's range of electric and hybrid vehicles jumped 42.8% year-on-year to 286,903.
Tesla shares ended up 0.3% lower on Monday, but their value was more than doubled so far this year.
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Source: investopedia.com