Tesla Inc. (NASDAQ: TSLA) EV Sales in China Plummet as Local Brands See Spike

More than a decade after Tesla Inc.’s (NASDAQ: TSLA) first electric offering, the Tesla Roadster, first hit the roads, the California-based company has become the largest electric vehicle (“EV”) maker as well as the most valuable car company in the world. Despite the relatively high prices of its vehicles, Tesla continues to attract plenty of customers who are more than willing to pay a high premium by combining top-notch modern designs, high performance and innovative technology. Having carved a significant share of the American market for itself, Tesla set out to conquer the largest electric vehicle market in the world — China.

It has been quite an uphill battle, however. Recent statistics show that despite more Chinese drivers opting for electric vehicles in the past couple of months, Tesla sales in the country have plummeted. Data from the China Passenger Car Association (“CPCA”) shows that last month, Tesla sold only 8,621 cars in the world’s largest EV market, representing a 69% drop in month-on-month sales and a 26% drop in year-on-year sales. This was the first time Tesla experienced an annual decline in sales in the Chinese market since opening its Shanghai Gigafactory back in January 2020. However, 24,347 Teslas…

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