Kathmandu. American electric vehicle maker Tesla has recently approved a $ 1 trillion package for its CEO Elon Musk. However, Tesla has suffered a major setback in China.
China is Tesla’s largest market after the United States. Sales in China fell to 26,006 units in October. This is the lowest in 3 years. This is because Tesla is struggling with a lack of demand in China’s highly competitive market.
Tesla’s sales were down 35.8 percent from last year. In September, it was 71,525 units. In September, Tesla began deliveries of the Model Y-L. It is a long-wheelbase 6-seater version of the Model Y SUV. It’s only available in China.
Tesla’s exports of China-made vehicles rose to 35,491 units in October, according to data from the China Passenger Car Association. This is the highest in the last two years.
Tesla’s share of the Chinese EV market fell to just 3.2 percent in October. This was down from 8.7 percent in the previous month. This is the lowest in more than 3 years.
Tesla’s performance in China, the world’s largest auto market, has been weak. Last month, Tesla’s sales were also down significantly in several European countries, including Germany, Spain, the Netherlands and the Nordic countries. This is another sign that the company is facing difficulties in Europe as well.
Tesla is facing increasing pressure in China. Xiaomi is launching the SU7 sedan and YU7 SUV to compete with Tesla. The company sold a record 48,654 units last month. It comes after accidents involving its sedans raised concerns about EV safety.
Overall car sales in China fell as expected in October. This was due to a reduction in government grants and tax exemptions. This undermined the confidence of the people.
