Thursday, August 3, 2023

"Tesla China Sales Fall 31% Sequentially As BYD Continues Growth" (TSLA)

It's not easy building electric vehicles.

From ZeroHedge, August 3:

Tesla sold 64,285 China-made electric vehicles for the month of July, down 31% from the month prior, according to data from the China Passenger Car Association, reported by Reuters

The number is the lowest Tesla has posted so far this year in China. 

Sequentially, the numbers were lower but year-over-year, thanks to the benefit of a 2022 Shanghai shutdown for production line improvements, sales of the Model Y and Model 3 were actually up 128%.

One of Tesla's largest competitors in China, BYD, posted 261,105 EV sales in July, up 61% year over year without the benefit of an abnormally easy 2022 comp. As Bloomberg notes, BYD has now surpassed Tesla in global EV sales, effective last year. 

Last year BYD sold 1.85 million electric vehicles, up exponentially from the 200,000 the automaker sold in 2019. The chart above shows just how quickly BYD sales have surpassed Tesla....


August 2: "It's Not Easy Building Electric Vehicles, Ford Is Losing Billions Of Dollars In The Attempt (F)".