One in every three cars is sold to China! Tesla's sales in China hit a record high in 2024

In 2024, Tesla's global delivery volume declined, but it achieved a counter-trend growth in China, setting a new historical high.

On Friday, January 3rd, Tesla announced that its sales in China increased by 8.8% year-on-year, exceeding 657,000 units, accounting for 36.7% of the overall delivery share, making it its second-largest market globally.

In the same year, Tesla's global annual delivery volume experienced a decline for the first time, dropping by 1.1% year-on-year, with global sales reaching 1.79 million units, failing to achieve Elon Musk's previous forecast of slight growth.

Analysts stated that the reduction of subsidies in Europe, the U.S. market's shift towards lower-priced hybrid vehicles, and intensified global competition, particularly strong competition from BYD, have dragged down Tesla's sales performance in the global market.

Previously, Tesla extended its loan incentive policy for its best-selling model, the Model Y, in China, offering discounts of up to 10,000 RMB (approximately $1,369.99), while providing zero-interest financing for up to five years for certain Model 3 and Model Y models. This incentive policy will last until January 31, 2025.

On the other hand, China's electric vehicle leader BYD enhanced its competitiveness in the global market by cutting costs, exceeding its sales targets, with last year's passenger car sales growing by 41%, reaching 4.25 million units