Tesla's Sales in China Plummet Amid Smart EV Price War
Tesla's sales of its China-made electric vehicles dropped 49.2% in February from a year earlier to 30,688 cars, the lowest since August 2022, as the U.S. automaker faces pressure from Chinese rivals in a relentless smart EV price war. Tesla sold 93,926 Chinese-made vehicles worldwide in the first two months, down 28.7% year-on-year. Chinese rival BYD recorded a 90.4% increase in passenger vehicle sales to 614,679 units last month.
- The increasing popularity of affordable smart EVs from Chinese manufacturers like BYD and Leapmotor may be challenging Tesla's strategy to maintain pricing power and market share.
- Can Tesla regain its competitive edge in China by leveraging its brand halo and updating its aging models with new technologies?