Tesla drops prices of EVs in China, sees surge in sales

Robert Besser
22 Jan 2023, 20:07 GMT+10

Data from China Merchants Bank International showed that in January, Tesla's retail sales surged in China after it cut the prices of its top-selling electric vehicle models earlier in the month
The data showed that Tesla's average daily sales from 9th to 15th January rose 76 percent from the same period in 2022, totaling 12,654 vehicles
During the same period, overall retail auto sales in the country dropped 14.5 percent year-on-year, but sales of electric and hybrid vehicles increased 36.5 percent, the data added

BEIJING, China: Data from China Merchants Bank International showed that in January, Tesla's retail sales surged in China after it cut the prices of its top-selling electric vehicle (EV) models earlier in the month.

The data showed that Tesla's average daily sales from 9th to 15th January rose 76 percent from the same period in 2022, totaling 12,654 vehicles.

During the same period, overall retail auto sales in the country dropped 14.5 percent year-on-year, but sales of electric and hybrid vehicles increased 36.5 percent, the data added.

Amid signs of falling demand and rising competition in the world's largest auto market, Tesla cut prices for the Model 3 and Model Y cars by between 6 percent to 13.5 percent in China beginning 6th January. This was followed buy price cuts in other Asian markets, as well as in the US and Europe.

In response, Huawei Technologies-backed EV brand Aito and Xpeng also reduced the prices of their EVs in China.

The Merchants Bank data also showed that from from 9th to 15th January, Xpeng's sales fell 36 percent from one year earlier, while those of Tesla's larger Chinese EV rival, BYD, more than doubled in the week to 40,435 vehicles, including both EVs and hybrids.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Professional Autos.

More Information

27 ℃

Mostly Cloudy in Seletar

Business

Section

Officials hopeful as UK new car sales rise 14 percent in January

LONDON, England: The Society of Motor Manufacturers and Traders has reported that new car registrations in the UK rose for ...

Big jump in sales for Foxconn as China ends Covid restrictions

TAIPEI, Taiwan: After the end of COVID-19 disruptions in China, Taiwan's Foxconn, the world's largest contract electronics maker and major ...

U.S. stocks get boost from Fed chair, Nasdaq surges 226 points

NEW YORK, New York - Stocks ended sharply higher on Tuesday following mixed comments by Federal Reserve Chairman Jerome Powell.Powell ...

Media reports US to sue Amazon claiming antitrust violations

NEW YORK CITY, New York: The Wall Street Journal reported this week that the US Federal Trade Commission is preparing ...

Blaming cost of manufacturing, Nestle to raise prices for second year

VEVEY, Switzerland: In an interview with Frankfurter Allgemeine Zeitung this week, Nestle's Chief Executive Mark Schneider said the world's largest ...

Fed fails to cool economy as US sees 517,000 jobs created in January

WASHINGTON D.C.: Despite the efforts of the Federal Reserve Bank to cool the job market to help curb record-high inflation, ...

Engineering

Section