Tesla's China Sales Fell in June. Its Chinese Rivals Broke Records.
By Jiahui Huang
Tesla's sales in China fell last month, even as its local rivals posted record deliveries.
The U.S. electric-vehicle maker sold 71,007 China-made cars in June, down 24% from a year earlier and 2.2% from the previous month, preliminary data from the China Passenger Car Association showed Tuesday.
The decline in Tesla's China sales came amid pent-up demand for new-energy vehicles, driven by EV makers' discounts, a government trade-in program and Beijing's policy support, the association said.
The CPCA estimated that total sales of electric passenger cars in China last month rose 28% from a year earlier to about 970,000 units, an 8% increase from May.
Tesla's sales in China are falling as it faces intensifying competition from Chinese rivals. Local EV makers have stepped up discounts following the government's trade-in program, and new model releases during and after the Beijing Auto Show have spurred consumers' interest.
BYD, NIO, Leapmotor and Geely-backed Zeekr all reported record sales in June, while sales from Li Auto and XPeng rose year over year and sequentially.
The Beijing local government also released the first round of eligible consumers qualified to have car plates in the capital, adding to the June demand, the CPCA said.
Tesla remained the second-largest EV seller in China. Rival BYD sold 340,211 units in June, the fourth straight month sales topped 300,000 vehicles. Warren Buffett-backed BYD overtook Tesla as the world's top seller of EVs in the final quarter of 2023.
Geely Auto and Changan Automobile ranked third and fourth, with 65,959 vehicles and 50,300 vehicles sold in China, respectively.
Li Auto sold 47,774 units in June, while Huawei-backed Seres sold 41,213 units.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
July 02, 2024 07:28 ET (11:28 GMT)
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