Tesla's electric vehicle deliveries in China in October decreased by 5.3% year-on-year and dropped significantly by 23% month-on-month
In October, Tesla delivered 68,280 electric vehicles in China, a year-on-year decrease of 5.3% and a month-on-month decrease of 22.7%. Domestic sales exceeded 40,000 units, a year-on-year increase of 41%. Tesla needs to sell at least 515,000 electric vehicles in the last three months of 2024 to achieve a slight increase in annual sales expectations. BYD's sales in the same month increased by 66.2% year-on-year, setting a new record. Tesla's third-quarter financial report showed earnings exceeding expectations, with the stock price rising nearly 22% at one point
According to the Zhitong Finance APP, on Monday, data from the China Passenger Car Association (CPCA) showed that American automaker Tesla (TSLA.US) delivered 68,280 electric vehicles produced in China in October, a year-on-year decrease of 5.3% and a month-on-month drop of 22.7%. Among these, domestic sales exceeded 40,000 units, a year-on-year increase of 41%. The Model Y saw domestic sales of over 36,000 units in October; the cumulative domestic sales this year exceeded 373,000 units.
Tesla must sell a record number of electric vehicles globally (at least 515,000 units) in the last three months of 2024 to achieve its annual sales expectation of "slight growth" (with last year's delivery volume at 1.81 million units). In the third quarter, China accounted for more than half of Tesla's global deliveries.
Chinese competitor BYD set a new monthly sales record with its Dynasty and Ocean series electric vehicles and plug-in hybrids, with passenger car sales in the last month increasing by 66.2% year-on-year to 500,526 units. A document from BYD indicated that its overseas shipments accounted for 6% of total sales.
Tesla's third-quarter financial report showed that, amid intensified competition in the electric vehicle market, quarterly profits exceeded expectations. Following the release of the financial report, Tesla's stock price surged nearly 22%, marking its best single-day performance since 2013.
Previously, the company experienced layoffs in the second quarter, and due to promotional activities, the third-quarter delivery volume announced by the company saw its first annual growth this year. In the last quarter, Tesla's electric vehicle shipments still surpassed BYD, but it was outperformed in terms of revenue.
In late October, Tesla extended its zero-interest financing plan for certain Model 3 and Model Y vehicles, which was first launched in China in July, by one month until the end of November