Tesla's China-made EV sales fall 18% in April; shares slip
Reuters
Published May 07, 2024 04:50
Updated May 07, 2024 16:44
BEIJING (Reuters) - U.S. automaker Tesla (NASDAQ:TSLA) sold 62,167 China-made electric vehicles in April, down 18% from a year earlier, lagging the broader market's surge, China Passenger Car Association (CPCA) data showed on Tuesday.
Tesla shares fell 3.8% on Tuesday, amid concerns about softening demand for Tesla EVs and an intensifying price war, especially against Chinese rivals.
Tesla's China-made cars, which accounted for over half the automaker's global deliveries last year, are also exported to various markets including Europe and the CPCA didn't provide a breakdown of Tesla exports by destination. Tuesday's numbers are a prelude of full data for April due out later this week.
Deliveries of China-made Model 3 and Model Y vehicles slid 30.2% from March.
The sharp slide contrasts with rising EV sales in the world's largest auto market, albeit at the slowest pace in a year in the first quarter.
China's new-energy vehicle sales including battery-powered EVs and plug-in hybrids were estimated to hit 800,000 units in April, up 33% on the year and a 2% drop from the month before, according to CPCA data.
Tesla's biggest Chinese rival BYD, with its Dynasty and Ocean lineups of EVs and plug-in hybrids, sold 312,048 passenger vehicles in April, up 48.97% year-on-year and a 3.5% increase from March.
Tesla, led by its billionaire CEO Elon Musk, saw first-quarter global vehicle deliveries fall for the first time in nearly four years.
Tesla's sales of China-made vehicles declined 4% during the January to March period, from a year earlier.
The company began the second quarter announcing layoffs of more than 10% of its global workforce and slashing vehicle prices in major markets including the United States, China and Europe.
Late April, Musk visited China and made progress towards rolling out Tesla's advanced driver-assistance package in China, which may help it better compete with local rivals.
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Written By: Reuters
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