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Tesla Was Top-Selling Chinese EV Brand In May, Sales Jump 205%: Report

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Tesla Was Top-Selling Chinese EV Brand In May, Sales Jump 205%: Report

Tesla Inc's (NASDAQ: TSLA) has seen a reversal in fortunes in China, as the EV pioneer rebounded with vigor in May.

Tesla's May Sales More Than Triple: Tesla reported new energy vehicle sales of 11,095 vehicles in May, according to Bloomberg, which cited data released by the China Association of Automobile Manufacturers. This represented a 205% month-over-month jump from the 3,635 units the company sold in April.

Tesla was the brand-selling NEV brand in the month, Bloomberg said.

In April, sales plunged 64% from the 10,160 vehicles Tesla sold in March.

Smaller rival Nio Inc – ADR (NYSE: NIO) last week reported its May sales soared 215.5% year-over-year to a record 3,436 units. This represented roughly a 9% month-over-month increase.

See Also: Tesla's China, Europe Performance Suggests Quarter Will Be One Of Automaker's Weakest, Says Gordon Johnson

Broader Industry Revival In China: Tesla's strong showing comes amid industry-wide buoyancy in China. The CAAM report showed that overall passenger car sales in China climbed 1.9% year-over-year to 1.61 million units, rising for the first time since June 2019.

NEV sales, which fell steeply in the aftermath of the COVID crisis in March and April, continued to decline in May, albeit at a slower pace.

The good times may not last, with CAAM predicting in an online briefing that sales are likely to decline in June due to tougher comparisons, Reuters reported.

In pre-market trading Monday, Tesla shares were rising 1.39% to $897.99.

 

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