Tesla, the U.S. automaker’s sales of China-made electric vehicles (EV) rose 19.2% in September from a year earlier. The data for the Tesla EV sales was derived from the China Passenger Car Association (CPCA) as of Wednesday. Deliveries of China-made Model 3 and Model Y vehicles, which are also exported to various markets including Europe, were up 1.9% from the previous month.
Tesla EV sales rise in China
Sale of Tesla’s EV rose by more than 72,000 in China’s domestic market, up 66% year-on-year, its best month this year, according to a company statement on Thursday.
With the climb in September, Tesla saw a 12% growth in China-made EV sales in the July-September period, its first quarterly rise this year.
EV market growth
Chinese rival BYD, with its Dynasty and Ocean lineups of EVs and plug-in hybrids, recorded its best month with a 45.56% year-on-year increase in passenger vehicle sales to 417,603 units in September.
The 33,012 BYD cars, or 7.9% of the total sales, were sold overseas, BYD’s filing showed.
Tesla’s strategy to fight competition
Tesla, the U.S. EV giant has been extending incentives to encourage consumers in the world’s largest auto market where rivals including Xpeng and Nio were racing to launch budget models.
It extended zero-interest financing in late September for some Model 3 and Model Y cars in China by another month to the end of October.
Tesla also plans to produce a six-seat variant of its best-selling, yet aging, Model Y in China from late 2025, Reuters reported.
The company withdrew a pay rise offer for striking workers, and no new talks with their union are scheduled.
Tesla to launch robotaxi
The EV maker, due to unveil its robotaxi on October 10, said it was on course to launch Full Self-Driving (FSD) advanced driver assistance software in China and Europe next year, pending approval from regulators.
Tesla stock update
Tesla’s share price slipped by 1.41% to $241.05 on Wednesday, on what proved to be an all-around great trading session for the stock market, with the NASDAQ Composite Index COMP 0.60% rising 0.60% to 18,291.62 and the Dow Jones Industrial Average DJIA rising 1.03% to 42,512.00.
Tesla has shown a downward trend in the last few days, and analysts are warning about the EV makers’ stock prices to go on a free fall towards the end of the year.
Tesla Inc. share price closed at $29.95 below its 52-week high of $271.00, which the company reached on July 11th.
