Korean media: In stark contrast to BYD, Tesla's first-quarter sales plummet!

On April 3, South Korean media "The Korea Economic Daily" reported that statistics show that Tesla's sales in the Chinese market in March were 78,828 units. This represents a year-on-year decrease of 11.5%, but an increase of 156.9% compared to February. Despite this, the total sales volume for the first quarter was 172,754 units, representing a year-on-year decline of 21.8%.

In terms of vehicle numbers, China is Tesla's largest market. The sales performance in the first quarter in China is interpreted as a leading indicator of Tesla's global car delivery volume for the first quarter, raising concerns about the overall delivery outlook for the first quarter.

Data released by the China Passenger Vehicle Market Information Joint Conference shows that in March, a total of 78,828 locally produced Tesla vehicles were sold. Tesla launched an improved version of its popular Model Y in China at the end of February.

Statistics show that including export volumes to Europe, the sales volume of locally produced Tesla vehicles in China for the first quarter was 172,754 units, a year-on-year decrease of 21.8%. Compared with the United States or Europe, Tesla's sales decline in China is much less. Despite this, based on the number of vehicles sold, this is Tesla's lowest quarterly sales volume in its largest market, China, in over two years.

Tesla's Chinese competitor, BYD, sold 371,419 pure electric and plug-in hybrid vehicles in March, up 23.1% year-on-year.

According to Counterpoint Research data, BYD is expected to surpass Tesla this year to become the world's largest pure electric vehicle seller. Based on overwhelming sales in China, BYD's pure electric vehicle market share reached 15.7%, surpassing Tesla's 15.3%.

According to Reuters, Tesla will produce a low-cost Model Y at its existing Shanghai production line to regain market share.

Original source: https://www.toutiao.com/article/1828347345605644/

Disclaimer: The article solely represents the author's personal views.