The US electric vehicle maker Tesla revealed the monthly sales figures for one of its largest markets – China
Tesla
sold 32,968 China-made vehicles in July, including 24,347 for export, according
to the China Passenger Car Association’s latest report. The figures for the
export cars marked a new record. Still, the local sales of China-made vehicles
plunged 69% to 8,621 cars from 28,138 reported in June.
Last month, Tesla introduced a cheaper version of the Model
Y in China. In this territory, it faces increased scrutiny from regulators and
the public and competition from local rivals.
Moreover, the Chinese government ordered almost all the cars
Tesla has sold in China in June – more than 285,000 - that are being recalled
to address a software glitch. The autopilot system allegedly could be activated
automatically.
Despite the recent setbacks, analysts predicted that Tesla
stock price would surge 22% in the next twelve months.
Read here
more about how Tesla’s Chinese competitors have performed in July.
Sources: reuters.com, thestreet.com