U.S. electric vehicle maker Tesla Inc sold 44,264 China-made vehicles in August, including 31,379 for exports to other markets, according to a report by Reuters on Wednesday.
- Local sales of China-made vehicles soared to 12,885 cars in the previous month from 8,621 cars in July. Tesla’s sales in the first month of every quarter are usually lower than the next two months.
- The U.S. Company that makes Model 3 sedans and Model Y SUVs in Shanghai, sold 32,968 China-manufactured vehicles in July and 33,155 units in June.
- In July, Tesla launched a cheaper version of the Model Y in China, where it faces intense criticism from both regulators and the public and intense competition from local rivals. It also cut the starting price for Model 3 sedans.
- China’s BYD made sales of 60,858 electric vehicles last month, while General Motors Co’s China joint venture with SAIC Motor generated 43,783 units in sales.
Passenger car sales in August in China dropped by 14.7% to 1.5 million compared to a year earlier, according to China Passenger Car Association (CPCA). TSLA up +2.64%