MW Tesla's struggling in another foreign market - and this one is important
By Steve Goldstein
Tesla Inc. sales are skidding in another foreign market - China's.
Tesla $(TSLA)$ sales in China fell 11% in January to 63,328, according to the China Passenger Car Association.
That's in a market where new-energy passenger vehicles jumped 31% year-over-year. BYD Co. Ltd. (HK:1211), the market leader, saw sales surge 48%.
China is Tesla's second-largest market, and the U.S. automaker faces intense competition from a range of competitors. XPeng Inc. $(XPEV)$ and Nio Inc. $(NIO)$ sales rose from last year's levels, according to CPCA data.
Tesla shares slipped 1% in premarket trade. The stock has slumped 7% this year but nearly doubled over the last 52 weeks.
Tesla has seen vehicle sales dive in Europe, where Chief Executive Elon Musk has become a divisive figure, backing the anti-immigration AfD party ahead of Germany's federal elections.
Tesla sales in Germany fell by 60% and Tesla sales in France dived 63% in January, according to local trade groups there.
The German business daily Handelsblatt reported that business customers are avoiding Tesla for image reasons, while private buyers are waiting for a new Model Y.
-Steve Goldstein
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(END) Dow Jones Newswires
February 07, 2025 08:00 ET (13:00 GMT)
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