BEIJING (Reuters) – Tesla Inc’s sales in China fell to 26,006 vehicles in October, the lowest level in three years, as the U.S. electric vehicle maker struggles with weak demand in a highly competitive market.
Sales fell 35.8% from a year earlier, down from September’s figure of 71,525, when Tesla began deliveries of the Model YL, a six-seat, longer-wheelbase version of its best-selling SUV, the Model Y, so far only available in China.
Exports of vehicles manufactured in China reached the highest level in two years, with 35,491 units last month, according to data released this Monday by the China Passenger Car Association.
Take your business to the next level with the country’s top entrepreneurs!
Also read:
Tesla’s share of China’s electric vehicle market fell to just 3.2% in October, a sharp drop from 8.7% the previous month and the lowest in more than three years.
Tesla’s weak performance in the world’s biggest auto market follows last month’s disappointing sales in European countries including Germany, Spain, the Netherlands and the Nordics, in the latest sign that the company continues to struggle on the continent.
The company faces growing pressure in China, its second-largest market after the United States, in the third quarter.
Xiaomi, with its Tesla rivals the SU7 sedan and YU SUV, reported record sales of 48,654 units last month, even as accidents involving its sedans fuel concerns about the safety of electric vehicles.
Total auto sales in China fell in October, as expected, due to deteriorating consumer confidence amid reduced government subsidies and tax exemptions.
