Tesla Achieves Record Sales in China Amid Global Decline in 2024
Tesla’s sales in China surged to a record high, defying a global downturn in electric vehicle deliveries
Tesla, China, Electric Vehicles, BYD, Sales, Market
BEIJING: So, guess what? Tesla just announced that its sales in China shot up by 8.8% this year, hitting a whopping 657,000 cars. That’s a big deal, especially since global sales took a bit of a dip.
In December alone, they sold around 83,000 units, which is a nice 12.8% increase from the previous month. China is really becoming a key market for them, making up about 36.7% of their total sales.
But here’s the kicker: overall, Tesla’s global deliveries fell by 1.1%. That’s not what CEO Elon Musk was hoping for. Factors like reduced subsidies in Europe and more competition from companies like BYD are making things tough.
Even with 1.79 million cars sold globally, Tesla barely edged out BYD, which saw its sales grow to 1.76 million. It’s a tight race!
To tackle the competition, Tesla has been cutting costs and even downsized its workforce. They’re also offering some sweet deals, like discounts on loans for their popular Model Y and zero-interest financing for the Model 3 and Model Y until the end of the month.
BYD, on the other hand, is really pushing hard with its own EVs and hybrids, seeing a 41% jump in sales last year. They’re also ramping up their exports, although they missed their target due to tariffs.
Interestingly, a lot of BYD cars sold outside China are going to Brazil, where they’re facing some scrutiny over working conditions at their factory. It’s a wild ride in the EV market!