Business
Tesla Defies Downward Trend: Delivers 17% More EVs from China Amid Falling Sales for Rivals Li Auto, Nio
Tesla's China-based factory sees a 17% increase in electric vehicle deliveries, even as sales decline for competitors Li Auto and Nio. The American auto manufacturer defies the decreasing trend in the first half of the year, largely due to a significant increase in government subsidies.
The Gigafactory 3, owned by the American automobile manufacturer in Shanghai, reported the delivery of 86,697 units of Model 3 and Model Y cars to both local and international customers in August. This represents a 17 per cent rise from July's figures and a 3 per cent increase compared to the same time last year, as per data from the China Passenger Car Association (CPCA).
Even with a recovery, the plant's shipments in the initial eight months of 2024 were 6 per cent below the 624,983 vehicles that were sent out during the equivalent period the previous year.
"Tian Maowei, a sales manager at Yiyou Auto Service in Shanghai, stated that Tesla and other domestic competitors have gained advantages from the monetary aid provided by the Chinese government to motivate the acquisition of electric vehicles as substitutes. He further added that the popularity of electric cars over gasoline-powered vehicles among the younger generation ensures that Tesla's market performance in China will stay steady in the future."
Towards the end of July, Beijing significantly increased the financial aid given to electric vehicle purchasers, a mere three months following the introduction of benefits aimed at speeding up the shift of the local auto industry.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.