Tesla's China Sales Decline Amidst Fierce Competition

Despite a drop in sales, deliveries of Model 3 and Model Y increase as rivals BYD Co, Li Auto Inc, and Xiaomi Corp gain momentum in the market.

Tesla's sales of China-made electric vehicles (EVs) declined by 17.8% in November compared to last year, marking the most significant drop since December 2022.
Despite the decline, Tesla's deliveries of Model 3 and Model Y in China increased by 14.3% compared to October.
Chinese rival BYD Co reported record deliveries of 301,378 vehicles in November, a 31% rise from the previous year.
Tesla's market share in China's EV sector dropped to 5.78% in October from 8.7% in September amidst a price war and shifting consumer preferences towards more affordable plug-in hybrids.
Other companies like Li Auto Inc and smartphone maker Xiaomi Corp are advancing in the EV market, with new models and production plans underway.