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Tesla Model 3, Model Y Among Top Selling EVs In China In February But Top Spot Goes To GM-Backed Automaker

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Tesla Model 3, Model Y Among Top Selling EVs In China In February But Top Spot Goes To GM-Backed Automaker

Tesla Inc (NASDAQ: TSLA) made Model 3 and Model Y vehicles were placed among the top electric vehicles by sales in China in February, as per data released by China Passenger Car Association, CNBC reported Wednesday.

What Happened: The Model Y was the third best-selling electric car in February with 4,630 units sold, as per CPCA data.

The Model 3 ranked second in February. The top spot went to the Hong Guang Mini, a vehicle made by a joint venture between General Motors Compay (NYSE: GM) and state-owned SAIC Motor, reported CNBC.

Xpeng Inc (NYSE: XPEV) reported 2,223 deliveries in February, a 63% decline over January which it attributed to sluggish sales owing to the lunar new year.

Nio Inc (NYSE: NIO) delivered 707 vehicles in February, which is a 12.8% fall over the preceding month.

Why It Matters: Passenger car sales declined 45.5% in February compared with the preceding month, as per CPAC.

Tesla began selling the Model Y at the beginning of the year, but the robust demand for the vehicle means that orders are not expected to be filled till the second quarter of 2021.
See Also: Tesla Model Y Will 'Disrupt' The Chinese Auto Market — Here's Why

The Elon Musk-led company is facing stiff competition from budget EV makers such as Wuling, whose two-door Hong Guang Mini EV outsold the Model 3 by almost two-to-one in January.

See Also: Beyond Tesla And Nio — Companies Exploit China's Mass EV Potential

Price Action: Tesla shares closed nearly 0.8% lower at $668.06 on Wednesday and fell 0.52% in the after-hours session.

Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.

 

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