Tesla’s electric vehicle sales in China fell in February 2024, following a similar trend among other Chinese electric automakers such as BYD, Nio, and XPeng after the Chinese New Year holiday.
Tesla sales – February 2024
Tesla China’s sales declined by a notable 18.87% year-on-year to a total of 60,365 electric vehicles in February 2024, according to the China Passenger Car Association (via Tesla fan @piloly).
Notably, this sales figure also represents a 15.51% month-over-month decrease from January 2024. For reference, Tesla’s January 2024 sales grew 8.17% YoY to 71,447 units but declined 24.10% MoM.
Industry trend
As mentioned, Tesla is not the only player to suffer from a substantial sales decline in the Chinese market. Even local brands, such as BYD, Nio, and XPeng, experienced similar trends in February 2024.
As EV-a2z recently reported, BYD’s new energy vehicle (NEV) sales reached a total of 122,311 units last month. Of that total, passenger plug-in cars accounted for 121,748 units, indicating a 36.84% YoY and a 39.30% MoM sales decline.
Nio also suffered from a 33.11% YoY and a 19.12% MoM sales drop in its home market, while XPeng’s electric vehicle sales fell 24.38% YoY and 44.91%.
That said, it seems that Tesla China’s disappointing sales last month were reflected in the overall automotive sector in this period.
This sales decline is apparently caused by various factors, including the 2024 Chinese New Year holiday from February 10 to 17.
For comparison, in 2023, the festival transpired in January. At this time, Tesla’s sales reached 66,051 units, including 26,843 local and 39,208 export vehicles.
Tesla China’s production prowess
The leading American automaker, Tesla, currently runs its largest electric vehicle production plant by output in China.
The Gigafactory Shanghai boasts an annual production output of more than 950,000 electric vehicles. It handles the production of the brand’s top-selling offerings, including the all-electric sedan Model 3 and crossover Model Y.
Its production supplies not only the domestic market but also foreign countries through export, significantly aiding Tesla’s production ramp-up for the two in-demand electric vehicle models.
