Tesla Achieves Record Sales in China Despite Global Decline

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Tesla has reported a significant increase in its sales in China, with figures rising 8.8% to over 657,000 vehicles sold in 2024. This performance marks a record high for the company in the world's largest auto market. December alone saw sales of 83,000 units, a monthly increase of 12.8%. Despite this success in China, Tesla's global deliveries fell for the first time, decreasing by 1.1% overall.

China accounted for 36.7% of Tesla's total deliveries, underscoring its importance as a key market for the electric vehicle maker. In contrast, the global electric vehicle market faced challenges due to reduced subsidies in Europe and increasing competition, particularly from local Chinese manufacturers like BYD, whose global sales grew by 12.1%.

The landscape for electric vehicle sales is shifting, with China remaining the only major market experiencing robust growth amid a broader global decline. As a response to competitive pressures, Tesla has implemented promotional measures, including discounts and financing offers for its Model Y and Model 3 vehicles in China.

In the ongoing race between Tesla and BYD, the latter has seen substantial gains, reporting over 4.25 million passenger vehicle sales and a notable increase in overseas shipments. However, BYD's export targets were not fully met due to tariffs complications in foreign markets, particularly in Europe.

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