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Tesla's Oct China-made EV sales fall 5.3% y/y

Published 11/04/2024, 04:40 AM
Updated 11/04/2024, 05:11 AM
© Reuters. FILE PHOTO: Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo
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BEIJING (Reuters) -U.S. automaker Tesla (NASDAQ:TSLA) sold 68,280 China-made electric vehicles in October, down 5.3% from a year earlier, data from the China Passenger Car Association (CPCA) showed on Monday.

Deliveries of China-made Model 3 and Model Y vehicles fell 22.7% from the previous month.

Chinese rival BYD (SZ:002594), with its Dynasty and Ocean series of EVs and plug-in hybrids, hit another monthly record, with a 66.2% year-on-year increase in passenger vehicle sales to 500,526 units last month.

Overseas shipments made up 6% of total sales, according to a BYD filing.

The U.S. EV company's third-quarter earnings beat estimates after one-offs for layoffs in the prior quarter and it posted the first annual gain in deliveries this year owing to sales promotions.

© Reuters. FILE PHOTO: Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo

It still outsold BYD in EV shipments last quarter, but was bested by the Chinese rival in revenue terms.

In late October, Tesla extended a zero-interest financing scheme it first introduced in China in July for some Model 3 and Model Y cars by another month to the end of November.

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