Tesla Posts Record Sales in China

Tesla, an electric vehicle manufacturer, announced on Friday that its sales in China increased by 8.8 percent to a record high of over 657,000 cars in 2024.  This is a strong performance in a competitive market during a year in which its yearly global deliveries fell for the first time.

 

According to Tesla China, Tesla vehicles in the biggest auto market in the world climbed 12 percent in December compared to the same month the previous year, reaching a record high of 83,000 units.

China is Tesla’s second-largest market, and according to sales data, 36.7 percent of its vehicles were delivered to Chinese consumers in 2024. Elon Musk earlier predicted a slight increase, but worldwide deliveries fell 11%—reduced subsidies from Europe.

The move to more affordable hybrid cars and increased competition worldwide, particularly from BYD in China, hurt sales.

Tesla was still ahead of BYD, whose EV sales increased 12.1 percent to 170 million worldwide The EV giant reduced the size of its China sales team and its global workforce due to weak demand and increased competition from Chinese EV manufacturers.

Tesla has extended a 10,000 yuan ($1,369.99) discount on outstanding loans for its best-selling Model Y, as well as zero-interest financing of up to five years for certain Model 3 and Model Y cars, until the end of this month, as the third year of an EV price war in China begins.

 

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Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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