Elon Musk’s Tesla experienced an 11.5 percent decline in China EV sales during January, as domestic rivals continued to gain ground in the world’s largest auto market.
CNBC reports that Elon Musk and Tesla faced a setback in China as its car sales dropped by 11.5 percent in January compared to the same month last year. The company sold 63,238 EVs in China last month, a significant decrease from the 71,447 cars sold in January 2024. This decline comes amidst intensifying competition from Chinese domestic rivals, who have been steadily gaining market share.
In contrast, Tesla’s main competitor in China, BYD, saw a dramatic 47 percent year-on-year growth in sales, with 296,446 pure electric and plug-in hybrid vehicles sold in January. Other Chinese rivals, such as Changan Automobile and Xpeng, also reported growth in their sales figures, further highlighting the increasing…
