Tesla demand declines, China’s electric car sales surge

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Tesla Inc update

As drivers flock to local car brands in the world’s largest car market, China’s electric vehicle sales soared in July, while Tesla plummeted after the US group was caught in a series of scandals.

The China Association of Automobile Manufacturers (CAAM) said on Wednesday that wholesale deliveries of new energy vehicles — including battery-powered vehicles, plug-in hybrid vehicles and hydrogen fuel cell vehicles — increased by 164% year-on-year to 271,000 vehicles last month.

The latest growth means that electric vehicles accounted for 10% of China’s total car sales from January to July. CAAM reported that the total volume of auto wholesale deliveries in July fell 12% year-on-year to 1.9 million vehicles.

But according to data released by the China Passenger Car Association (CPCA) on Tuesday, the electric vehicle market leader Tesla sold only 8,621 vehicles in China last month. It was down 69% month-on-month and 26% year-on-year. This is the first annual decline since Tesla opened a super factory in Shanghai in January 2020.

Tu Le, founder of Sino Auto Insights, a Beijing-based consulting firm, said the company’s slowdown indicated that its demand was “quite weak.” The company’s Model 3 sedan was China’s best-selling electric car last year.

This month, Tesla also exported 24,347 domestically produced cars to Europe.

In recent months, Tesla has been scandal And the negative news in China, from customers’ accusations of quality problems to the government’s concern that the vehicle’s on-board cameras may threaten data privacy and national security.

Chinese electric car manufacturer And mature global auto brands have stepped up their efforts to overthrow Tesla in China by launching dozens of new models in China.

BYD’s new energy vehicle sales more than tripled year-on-year in July to 50,492 units. BYD is an automaker supported by Buffett and a pioneer in China’s electric vehicle market.

China’s electric vehicle rivals Xiaopeng Motors and Li Motors achieved record sales of 8,040 and 8,589 vehicles in July, respectively.

CPCA chief Cui Dongshu said in an article published in the state-backed Securities Times on Monday that he expects new energy vehicles to account for 13% of China’s total car sales this year.

CPCA predicted in June that 2.5 million electric vehicles will be sold in China this year, but Cui added that due to stronger-than-expected demand, the estimate may be revised upwards.

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