Tesla Shares Drop As China Deliveries Slow on New Year and Growing Local Rivalry
• Tesla shares fell over 7% on Monday after data showed slowing deliveries from its Shanghai gigafactory • Deliveries in February were the lowest in over a year due to the Chinese New Year and increased competition • Tesla is using price incentives to boost sales, but rivals like Xpeng and BYD are matching strategy • Tesla delivered 60,365 China-made vehicles in February, a 19% drop versus last year • Tesla faces growing competition in China from domestic EV makers BYD and Xpeng