The US electric vehicle maker’s retail sales in China totaled 106,915 units between January 1 and March 19, or an average of 1,371 units a day, according to data from China Merchants Bank International, which tracks car registrations.
This is slightly higher than the 1,327 daily average units in the fourth quarter in China, when Tesla sold a total of 122,038 cars, its best quarter to date, according to the data.
Thanks to its higher unit profits than other EV makers, the firm slashed prices on its best-selling models as much as 13.5% in China in January, sparking a price war with BYD and several competitors following suit in recent years. next two months.
Tesla’s growth rate, however, has yet to catch up with BYD, which more than quintupled Tesla’s sales in the January-February period, with its wide range of electrical product offerings in China.
The company plans to refresh versions of the Model 3 and Model Y in the next two years to deal with an aging product line that has diminished its appeal to customers. It also upgraded the suspension system of the Chinese-made Model Y from January to improve handling.
Tesla had focused more on energy efficiency and practical features like security and storage space in China to attract more pragmatic buyers.
Tesla’s sales in the first two months accounted for 7.9% of the market in China’s new energy car sector, including pure electrics and plug-in hybrids, up slightly from 6.8% in the same period a year earlier, according to estimates. from Reuters based on data from the China Passenger Car Association.
BYD extended its lead with a 41% market share, a big jump from 29% a year ago. With information from Reuters