Korean Media: Tesla Ends Eight Consecutive Months of Sales Decline in the Chinese Market!

On July 31, the Korean media outlet "Korea Economic Daily" published an article stating that Tesla's sales in the Chinese market increased by 0.8% year-on-year in June, ending the downward trend that had lasted for eight consecutive months. However, quarterly sales continued to decline.

The China Passenger Car Association reported that the delivery volume of Model 3 and Model Y cars produced at Tesla's Shanghai factory increased by 0.8% year-on-year, up 16.1% from May, reaching 71,599 units. This includes sales in China as well as exports to Europe and other markets.

During the second quarter from April to June, Tesla's domestic electric vehicle sales in China declined by 6.8%, marking the third consecutive quarter of decline.

In the first quarter, domestic electric vehicles accounted for 51.3% of Tesla's global car sales.

Meanwhile, Tesla's biggest competitor, BYD, saw its sales increase by 11% last month, reaching 377,628 units.

Tesla officially started production of the new Model Y at its Shanghai factory in just six weeks, setting a record for the fastest model production growth in history. However, weak sales in China and Europe, along with increasing pressure from competitors, have also affected the brand due to growing public dislike of CEO Elon Musk.

According to data from Counterpoint Research, Tesla's overall sales this year are expected to decline by 10%, and its global market share will decrease by 13%. For example, BYD's global electric vehicle sales are expected to increase by 45%, capturing one-fifth of the global electric vehicle market.

At the same time, in the Chinese market, Xiaomi launched its new YU7 SUV at a price 4% lower than the Model Y to capture demand for the Model Y, and initial order volumes are increasing.

Some analysts expect Tesla to lower the price of the Model Y in China to be similar to the YU7, but Tesla has not yet reduced the price. Instead, the price of the Model 3 Long Range model in China has increased by 3.6%, with an additional 40 kilometers of range, reaching 753 kilometers.

Original: https://www.toutiao.com/article/1839128031507456/

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