Tesla Stock Drops 2%
Follows double-digital declines in sales of China-made vehicles.
Chinese sales of Model 3 and Model Y vehicles dropped 12% between August and September.
IMAGE: Pexels
Tesla's stock fell 2% on Monday as sales of its China-made electric vehicles fell about 11% in September, according to the China Passenger Car Association.
The report noted that the U.S. automaker sold 74,073 EVs made in China. Chinese sales of Model 3 and Model Y vehicles dropped by 12% between August and September, CNBC reported, quoting the association.
Tesla's sales drop followed underwhelming third-quarter vehicle deliveries. It noted in its most recent earnings call that planned downtimes for factory upgrades led to the decline. The automaker said its 2023 volume target of around 1.8 million vehicles remained unchanged.
BYD, Tesla's Chinese competitor, experienced about a 43% year-over-year increase in passenger vehicle deliveries last month to 286,903, Reuters reported.
Tesla, like other EV makers, is banking on deeper discounts and tax breaks for green vehicles to boost sales for the remainder of the year, Reuters said.
Originally posted on Auto Dealer Today
More Industry
Charger Network Growth Slows
Despite a projected increase in public EV chargers in 2026, charging infrastructure remains a top concern for consumers as the gap between the most and least EV-friendly places remains substantial.
Read More →
Lenders, Consumers Take on More Auto Loan Risk
September records loosened credit access the most in over a decade as buyers took advantage of the conditions to afford trading, though loan applications fell.
Read More →
Next-Gen Hybrids in Sight
Dealerships can expect to see revamped hybrids from Honda next year as the company rolls out a new system and model lineup.
Read More →
Gem State Stores Change Hands
A larger auto group founded in the industry’s early years sold two franchises to a neighbor group that's on a growth spurt.
Read More →
Charging In Motion
Honda has been researching wireless in-motion charging for electric vehicles since 2025, and new technology developments have put it a step closer to a final product.
Read More →
Twin Cities Stores Sell
Minnesota-based Walser Automotive Group made what it called the most significant acquisition in its history with a three-rooftop deal in Minneapolis.
Read More →
U.S. Auto Sales Still Below Prepandemic Levels
Mobility Global industry observers don’t expect the market to return to the higher volumes that became routine before Covid but to stay well below its potential.
Read More →
The Powertrain Shift
Electric-vehicle owners are backpedaling, according to new data, with product availability driving many to shift back to gas-powered engines.
Read More →
Achromatic Autos
The shades that dominate the U.S. car market don’t call attention to themselves, though grayscale may have plateaued after a 30-year upswing, research shows.
Read More →
Used-Vehicle Affordability Worsens
Listing prices in August defied seasonal trends, rising above $27,000 for the second time this year.
Read More →