The Tesla showroom, which displays logos and electric cars including Model 3 and Model Y, will be seen in Chongkin, China on January 12, 2025.
Chen Sing | Getty Images
Sale of TeslaCars to China fell in January as competition with domestic rivals continued to heat up.
Tesla sold 63,238 electric vehicles in January, down 11.5% from the 71,447 cars sold the same month last year.
Tesla shares fell approximately 1.5% in pre-market trading.
Meanwhile, Chinese rival BYD sold 296,446 purely electric and plug-in hybrid vehicles last month, up 47% from the previous year.
Other Chinese Tesla rivals, including Changan Automobile and Xpeng, also experienced sales growth.
Tesla has sought to use price reductions as an incentive to keep China’s “buyer interests” in cars. At the end of last year, Tesla significantly reduced the price of the Model Y car, extending its zero-free five-year loan plan until the end of January.
Last month, the US giant also announced an improved version of the Model Y, one of China’s best-selling EV autos. This also comes with a 0% interest plan.
Tesla has not introduced any new models since it began releasing CyberTruck in late 2023. This starts at nearly $80,000. Investors are eager to reinvigorate sales, and are eager to make the company’s new mass market model.
Tesla says it will be able to launch new, affordable models in the first half of 2025.
Meanwhile, automakers will be selling driver assist systems as “full self-driving” as rivals are also offering similar features in China this year.
