Data from China Merchants Bank International (CMBI) showed that Tesla’s retail sales in China significantly increased in January, following a reduction in prices for their best-selling models.
According to CMBI, the average daily sales for Tesla in China from January 9th to January 15th were 12,654 vehicles, a 76% increase from the same period in 2022. This is in contrast to a 14.5% decrease in overall retail auto sales in China during the same week, however, sales of electric and hybrid vehicles in the country did increase by 36.5%.
The company has not yet commented on CMBI’s data on Tesla’s sales in China. On January 6th, Tesla lowered the prices for the Model 3 and Model Y cars by 6% to 13.5% in China, as analysts observed decreasing demand and increasing competition in the world’s largest auto market.
Following the price reductions in China and other Asian markets, Tesla also lowered prices in the United States and Europe.
Huawei Technologies-supported electric vehicle (EV) brands Aito, and Xpeng have also lowered prices for their EVs in China, following Tesla’s lead.
According to CMBI data, Xpeng’s sales decreased by 36% from the same week the previous year from Jan. 9th to Jan. 15th. However, sales for Tesla’s major competitor in China, BYD, significantly increased and more than doubled during the same week, totaling 40,435 vehicles, including both its EVs and hybrids.
