Tesla China Sales Drop as BYD Continues to Gain Ground
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Tesla's China EV sales dropped 17.8% year-over-year in November, marking its largest yearly decline since December 2022. Sales were up 14.3% month-over-month.
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Tesla's market share in China's EV market fell to 5.78% in October, down from 8.7% in September and 12.98% in Q2 2022.
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Rival BYD continues to see strong growth, selling 170,150 BEVs in November, up 49% year-over-year. BYD matched Tesla's 18% global BEV market share in Q3.
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BYD is on track to surpass Tesla in quarterly BEV deliveries in Q4 2022 and become the top brand globally in terms of BEV market share.
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Tesla's slipping China market share raises concerns that margins will continue deteriorating through Q4 2022 and into 2024.