Tesla sales in China reach lowest level in three years
Tesla sales in China, the most important market for Elon Musk’s brand after the United States, fell 35.8 percent year-on-year to 26,006 vehicles in October. That is the lowest level in three years. Tesla’s market share in China’s electric car market shrank to just 3.2% in October, down sharply from 8.7% in September and the lowest in more than three years. The poor performance in the world’s largest car market follows dismal sales last month in European countries such as Germany, Spain, the Netherlands and Scandinavia.
China’s overall car sales fell as expected in October as consumer confidence weakened amid reduced subsidies and tax breaks. Exports of Chinese-built cars to the United States, on the other hand, rose to 35,491 units last month, according to figures from the China Passenger Car Association. That is the highest level in two years.
In pre-trade, Tesla shares are 2.4 percent higher at $439.90 an hour and a half before the opening of the stock exchanges on Wall Street, after having lost 3.7 percent on Friday.