In April, Tesla Inc. faced a significant downturn in its Chinese market sales, witnessing 7% drop year over year and 18% compared to april last year.
Despite this decline, the electric vehicle giant managed to sell over 62,000 vehicles manufactured in its Chinese facilities.
Interestingly, while Tesla’s sales saw a downturn, the deliveries of its vehicles in April were still 30% higher than those in March, indicating a fluctuating demand pattern.
In contrast to Tesla’s sales performance, China’s New Energy Vehicle (NEV) market, which encompasses Battery Electric Vehicles (BEVs) and Hybrids, experienced a robust growth.
The sales of NEVs soared to over 800,000 units, marking a remarkable 33% increase. This surge is indicative of the growing consumer appetite for environmentally friendly vehicles and China’s aggressive push towards electrification.
Leading the charge in the NEV market, BYD Co Ltd reported impressive sales figures, with over 312,000 NEVs sold in April alone. This performance underscores BYD’s rising prominence in the electric vehicle sector and its potential challenge to Tesla’s dominance.