Today: March 02, 2024
Today: March 02, 2024

Tesla's China-made EV sales jump 68.7% y/y in December

Share This
Tesla's China-made EV sales jump 68.7% y/y in December
January 03, 2024

BEIJING (Reuters) - U.S. automaker Tesla sold 94,139 China-made electric vehicles (EVs) in December, a 68.7% increase from a year earlier, China Passenger Car Association (CPCA) data showed on Wednesday.

Deliveries of China-made Model 3 and Model Y vehicles were up 14.2% from November.

Chinese rival BYD, with its Dynasty and Ocean lineup of EVs and petrol-electric hybrid models, delivered 341,043 passenger vehicles in December, up 13% from November and a 45% jump year-on-year.

BYD had a record quarter with sales of 944,779 new energy vehicles in the fourth quarter, including 526,409 pure EVs.

Tesla's figures took its China-made sales, which include exports, to 947,742 for the full year, accounting for 52.4% of the U.S. EV pioneer's global deliveries.

Tesla's Shanghai plant, its biggest globally, is capable of producing 1.1 million units of Model 3 and Model Y cars a year and besides China also supplies countries such as New Zealand, Australia and Europe.

Worldwide, Tesla delivered a record 484,507 cars in the fourth quarter, beating market estimates, but was dethroned by BYD as the top EV maker.

Tesla faces mounting competition in China, the world's largest auto market, where a bruising price war and slowing EV demand has not inhibited Chinese latecomers from venturing into the arena.

In China, Tesla kicked off a price war at the start of last year that drew in more than 40 brands and dealt a blow to industry profitability.

While a BYD-led sales push continues with varied discounting policies, the U.S. EV giant put a hold on price adjustments in the Chinese market in December after making five upward price revisions in the prior month.

Toughening up the EV race, Chinese smartphone maker Xiaomi unveiled its first EV last week, aiming to become one of the world's top five automakers over the next 15 to 20 years.

Huawei, one of Xiaomi's closest Chinese phone rivals, has approached Mercedes Benz and Volkswagen's Audi about smart car investments, Reuters has reported.

Tesla has acquired land in Shanghai for a megapack battery manufacturing plant with production expected to start in the fourth quarter of 2024. That suggests slower-paced progress on the project than it had planned initially.

Tesla's ambitious plans to expand its EV capacity in Shanghai, its largest production hub globally, still hinges on China's regulatory approval.

(Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Jamie Freed and Mark Potter)


Gaza ceasefire talks to resume in Cairo on Sunday, Egyptian security sources say

CAIRO (Reuters) - Gaza ceasefire negotiations are due to resume in Cairo on Sunday, two Egyptian security sources said on Saturday.

Hard-liners are leading in Iran’s parliamentary election which may have witnessed record-low turnout

A day after parliamentary election concluded in Iran, hard-liners are leading in initial vote counting in the capital of Tehran, state media reported

Russian drone strike on the Ukrainian port city of Odesa kills 3

Three people were killed when a Russian drone hit an apartment block in the southern Ukrainian port city of Odesa overnight, regional Gov. Oleh Kiper said Saturday morning

Two buildings damaged, people evacuated after 'incident' in Russia's St Petersburg, governor says

ST PETERSBURG (Reuters) - Two buildings were damaged and people were evacuated in Russia's St Petersburg on Saturday morning after local residents reported a loud explosion that blew out windows.

Oregon lawmakers pass bill to recriminalize drug possession

The Oregon Legislature has passed a bill that recriminalizes the possession of small amounts of drugs

Powerful storm in California and Nevada shuts interstate and dumps snow on mountains

A powerful blizzard is dumping snow in the Sierra Nevada as gusty winds and heavy rain hit lower elevations


Peace, music and memories: As the 1960s fade, historians scramble to capture Woodstock's voices

An estimated 450,000 people attended the Woodstock festival in August 1969

College athletes would need school approval for NIL deals under bill passed by Utah Legislature

College athletes in Utah who are looking to profit off their name, likeness and image will have to seek written approval from their school for any business deal exceeding $600

World Trade Organization ends meeting in UAE after failing to reach major agreements

Negotiators taking part in a World Trade Organization meeting in the United Arab Emirates have ended their summit after failing to reach agreements on several major initiatives

Iris Apfel, fashion icon known for her eye-catching style, dies at 102

Iris Apfel, a textile expert, interior designer and fashion celebrity known for her eccentric style, has died

- Advertisement -
Advertisement: Limited Time Offer