Tesla's China troubles deepen as GigaShanghai sales slump for 7th month straight, hitting lowest levels since COVID lockdowns
Tesla's growth in China is slowing down once again. In April, the electric vehicle manufacturer delivered 58,459 Model 3 sedans and Model Y crossovers from its GigaShanghai plant, a 6% decline from the same period last year, based on data provided by the China Passenger Car Association (CPCA), as per a report.
GigaShanghai's Tesla Deliveries Hit a New Low
Even China's domestic Tesla sales in the quarter are estimated to be 15% lower so far, according to CPCA data.
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The drop in sales represents Tesla's seventh straight year-over-year monthly decline in China, and weakest since 2022 when operations at its plants were brought to a standstill by nationwide COVID lockdowns amid the Omicron outbreak, according to Fortune.
While, as per recent data, the demand for Elon Musk's Tesla cars across Europe fell by 37% in the first quarter and continued to drop in April, Fortune reported.
Tesla Slips in China's EV Rankings
The EV maker's Shanghai operations now ranked fourth in China's production of
New Energy Vehicles
(NEVs), which includes full electric and plug-in hybrids, as per the report. It ranks behind not just market leader BYD, but also local competitors Geely and SAIC-GM-Wuling, Fortune reported.
Rivals Pull Ahead with Innovation and Pricing
A senior manager at Shanghai advisory firm Suolei, Eric Han said, 'Tesla's hopes for a sustained rebound in China have faded since competition is getting fiercer,' adding, 'Its Chinese rivals, banking on their new models and aggressive pricing strategies, have lured more consumers,' quoted Fortune.
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Rumors Swirl Around New Tesla Models
According to local media reports, Tesla is reportedly preparing to launch a new lower-cost auto version in China to boost demand. Meanwhile, there is another speculation that the EV giant may be preparing so-called Mini and Maxi versions of the Y, with the latter fully capable of offering seven seats to accommodate parents, grandparents, and children, reported Fortune.
FAQs
How bad is the drop in Tesla's sales?
Tesla's sales in China are down 6% year-over-year for April, and quarterly domestic sales are trending about 15% lower so far.
Who is beating Tesla in China right now?
BYD is the market leader, followed by Geely and SAIC-GM-Wuling, as per Fortune. Tesla now ranks fourth.
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