Tesla (TSLA.O) sold only 26,006 vehicles in China in October, reaching its lowest level in three years. This represents a 35.8% decrease compared to last year. The company’s sales had reached 71,525 units in September with deliveries of the new Model Y L.
However, exports of Chinese-made vehicles reached their highest level in two years, totaling 35,491 units. However, Tesla’s share of the Chinese electric vehicle (EV) market dropped significantly in October, falling from 8.7% to 3.2%. This weak performance is not limited to Asia; Tesla is also facing declining sales in Germany, Spain, the Netherlands, and the Scandinavian countries. Although China remains Tesla’s second-largest market after the US, the rise of domestic competitors and weak consumer demand are challenging the brand. […] […] On the other hand, Chinese tech giant Xiaomi (1810.HK) announced record sales of 48,654 units in October with its new SU7 sedan and YU SUV models. This shows that Tesla’s battle for leadership in the Chinese market is becoming increasingly tough.
