Tesla deliveries of China-made cars plunged in July

August 10, 2021
Tesla deliveries of China-made cars plunged in July

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

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