Tesla Inc.'s TSLA wholesale sales in China for January declined from the record performance in December, although rising about 300% from the year-ago period. The company's domestic sales in China trailed that of Warren Buffett-backed BYD Company Limited BYDDF.
January may have been impacted by a pull-forward effect in December, as Chinese consumers rescheduled purchases to avoid the impact of EV subsidy reduction, which was to come into effect in 2022.
Tesla Sales Lose Momentum Dip Sequentially: Tesla's wholesale sales in China came in at 59,845 units in January, up about 285% year-over-year, Reuters reported, citing data from China Passenger Car Association (CPCA). The number represented a 15.5% drop from the record 70,847 units the company sold in December.
The EV maker exported 40,499 units of these vehicles, up from 21,127 units in December. Domestic sales came in at 19,346 units, a decrease from the 31,732 units sold in December.
Related Link: It Won't Be The Same Tesla In The Future: Elon Musk And Others Weigh In
The break-up between export and domestic sales was in line with Tesla's accent on exports in the first half of the quarter before shifting focus to domestic sales in the second half.
Comparing January's export performance to October, the first month of the fourth quarter, shows a modest dip from the 40,666 units recorded for October 2021.
Overall passenger car sales in China slipped 4.5% year-over-year to 2.11 million, CPCA reportedly said.
How Tesla Fared Against Domestic Competition: Tesla's Chinese retail sales of 19,346 units compare favorably to the U.S.-listed Chinese EV manufacturers Nio Inc - ADR NIO, Xpeng Inc XPEV and Li Auto Inc LI.
XPeng did the best of the trio by selling 12,922 units in January, while Li Auto and Nio sold 12,268 units and 9,653 units, respectively.
BYD's battery EV sales stood at 46,386 units in January.
TSLA Price Action: Tesla shares are up 1.57% at $871.71 Monday morning at publication.
Photo: Tesla Inc.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
