Tesla Inc.’s (NASDAQ:TSLA) China-made electric vehicle sales in April dropped 6% year-over-year, extending declines for a seventh month.
Deliveries of China-made Model 3 and Model Y vehicles totaled 58,459 units in April, down 25.8% from March, Reuters reported Wednesday, citing the China Passenger Car Association (CPCA).
Deliveries of China-made Model 3 and Model Y vehicles accounted for exports to markets, including sales in Europe and China.
Also Read: Tesla’s Future Hinges On China FSD: Goldman Sachs
Tesla’s sales plunged across Europe in April as brand sentiment and political backlash weighed on growth. CEO Elon Musk has acknowledged the challenges of running his business while working with the Department of Government Efficiency (DOGE).
Meanwhile, Tesla’s Chinese competitors have increased their market share. Tesla stock has lost 28% in stock value year-to-date.
Tesla ramped up efforts to sell into new markets such as India and Saudi Arabia to gain market share akin to its Chinese EV rivals.
Tesla also remains focused on commercializing the affordable version of Model Y in Shanghai in 2026.
Tesla’s first-quarter deliveries dropped to 336,681 vehicles, down from 386,810 vehicles a year ago, amid production disruptions and weakening global demand. The electric vehicle company produced 362,615 vehicles, down from 433,371 a year ago.
Tesla’s market share in China’s battery-only EV market fell to 10.4% in 2024 from 11.7% in 2023 as it battled intense competition from Xiaomi (OTC:XIACF) (OTC:XIACY). BYD (OTC:BYDDF) (OTC:BYDDY) and Xiaomi have launched dozens of models to compete with Tesla.
Price Action: TSLA stock is down 0.31% at $274.50 at the last check on Wednesday.
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