Tesla Reports Record Sales in China Amid Global Decline

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Tesla Inc. announced that its sales in China reached a record high of over 657,000 vehicles in 2024, marking an 8.8% increase compared to the previous year. This surge is notable as the automaker faced its first annual global delivery decline, with overall deliveries slipping 1.1%. In December alone, Tesla's sales in China rose by 12.8%, totaling 83,000 units.

Despite the success in the Chinese market, Tesla's global performance was hindered by various factors, including reduced subsidies in Europe and increased competition, particularly from local rival BYD. Notably, exports from Tesla's Shanghai factory fell by 24%, contributing to the overall drop in global sales.

China accounted for 36.7% of Tesla's total deliveries in 2024, highlighting its importance as the company's second-largest market. While Tesla's record China sales signify a strong foothold in the world's largest auto market, the company struggled with declining sales numbers in other regions, including a year-on-year drop of 0.4% for December sales compared to the previous year.

The economic landscape continues to be challenging as Tesla faces an ongoing price war and increasing competition from other electric vehicle manufacturers. In an effort to boost sales, the company has implemented discounts and financing incentives for its best-selling models.

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