Business
Tesla Defies Downward Trend: Records 17% Surge in EV Deliveries from China Amid Slipping Sales for Li Auto and Nio
Tesla increases its electric vehicle delivery from its Chinese factory by 17%, even as competitors Li Auto and Nio experience a dip in sales. The US automaker defies the declining trend in the first half of the year, with increased government subsidies propelling their sales.
The Shanghai-based Gigafactory 3, operated by American auto manufacturer, dispatched 86,697 units of Model 3 and Model Y cars to both local and international customers in August, marking a 17 percent increase from July and a 3 percent rise compared to the same time last year. This information was provided by the China Passenger Car Association (CPCA).
Even with the recovery, the plant's shipments in the initial eight months of 2024 were 6 per cent less than the 624,983 vehicles it shipped in the equivalent period the previous year.
"The monetary incentives provided by the Chinese government to promote the buying of electric vehicles as replacements have proven advantageous for Tesla and its domestic competitors," mentioned Tian Maowei, a sales executive at Yiyou Auto Service in Shanghai. "Given the growing preference for electric cars over gasoline-powered ones among young drivers, Tesla's market performance in China is expected to be steady in the foreseeable future."
Towards the end of July, Beijing increased the subsidies for electric vehicle purchasers by two-fold. This move came only three months following the introduction of incentives aimed at expediting the shift of the local car industry.
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