Robert Besser
22 Jan 2023, 20:07 GMT+10
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.
Get a daily dose of San Jose Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to San Jose Sun.
More InformationJoel Embiid poured in 33 points and grabbed 10 rebounds as the visiting Philadelphia 76ers swamped the reeling San Antonio ...
Trae Young responded to not being named an All-Star by scoring 27 points and De'Andre Hunter added 26 points to ...
Cole Anthony came off the bench to lead seven Orlando scorers in double-figures with 20 points, and the Magic rode ...
Joel Embiid poured in 33 points and grabbed 10 rebounds as the visiting Philadelphia 76ers swamped the reeling San Antonio ...
Fred VanVleet and Gary Trent Jr. caught fire in the middle two periods as the visiting Toronto Raptors rallied from ...
Washington Capitals winger Alex Ovechkin and Pittsburgh Penguins center Sidney Crosby joined forces to win the Breakaway Challenge at the ...
OSLO, Norway: Ending a three-year run of profits as stock and bond prices were hit by rising inflation and Russia's ...
NEW YORK, New York - Strong economic data failed to stem profit-taking on the major U.S. bourses on Friday, while ...
WASHINGTON D.C.: The US has again asked Mexico to investigate claims that workers at an auto parts facility of American ...
WASHINGTON D.C.: Tesla confirmed this week that the US Justice Department has requested documents related to its Full Self-Driving and ...
TOKYO, Japan: Toyota has announced that it sold 10.5 million vehicles in 2022, maintaining its position as the world's top-selling ...
NEW YORK, New York - Technology stocks had a hay day Thursday with Facebook parent Meta rocketing up nearly 30 ...