Tesla Inc. (NASDAQ:TSLA) delivered 95,366 China-made electric vehicles in September, extending its annual sales growth streak even as global third-quarter deliveries declined.
Tesla’s Shanghai factory delivered Model 3 and Model Y vehicles to China, Europe, Asia-Pacific and Canada during September, reported Reuters, citing the China Passenger Car Association (CPCA) on Friday.
The monthly total increased 5% from 90,812 vehicles a year earlier, following a 3.6% annual increase in August. September marked Tesla’s 11th consecutive month of year-over-year gains.
Third-quarter deliveries from Shanghai rose 13.7%, based on Reuters calculations using data from the CPCA. Tesla’s worldwide deliveries, however, fell 2.1% from the record-setting quarter last year.
To support demand in China, Tesla is offering promotions through October. Selected Model Y versions qualify for a 7,000-yuan ($1,044) reduction on final payments, while every Model 3 variant receives 5,000 yuan off.
Tesla Faces Intensifying China EV Competition
The September increase comes as Tesla faces intensifying competition in China, the world’s largest automobile market.
Tesla’s retail sales in China fell 12.4% year-over-year in August to 50,047 units, marking the company’s weakest August since 2022. Tesla ranked fifth in the market, trailing BYD (OTC:BYDDY), which led with 233,943 units.
Intensifying competition from local EV makers and cheaper models has pressured Tesla’s sales. China’s battery-electric vehicle sales rose 0.8% year-over-year in August, while sales of new energy vehicles, including plug-in hybrids, declined 10.1%. The slowdown comes as Tesla advances its autonomous driving ambitions with the rollout of Cybercab robotaxis.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock