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HomeTechnologyAfter EV Sales in China Decline By 11%, Tesla Stock Declines

After EV Sales in China Decline By 11%, Tesla Stock Declines

Tesla’s sales of electric vehicles built in China plummeted by 10.9% year over year for the month of September. As a result, the company’s stock fell by around 2% on Monday.

According to the data, during the month the American manufacturer sold 74,073 electric cars built in China. Sales of the Chinese-made Model 3 and Model Y cars decreased by 12% from August to September. Many of the vehicles made in China by Tesla are exported.

An inquiry for comment was not immediately answered by Tesla.

Following the company’s announcement that third-quarter vehicle deliveries were behind third-quarter production and deliveries, news of Tesla’s sales decline was released a week later.

According to information from the most recent earnings call, anticipated downtimes for factory upgrades were the reason of a sequential fall in volumes. “Our volume target for 2023 of about 1.8 million vehicles stays the same.”

On October 6, the business reduced the cost of some of its Model 3 and Model Y vehicles in the US.

On October 18, Tesla will release its third-quarter financial results.

Source (CNBC)

SourceCNBC
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