Posted 4/3/2024, 3:30:00 AM
Tesla Loses Ground in China as Local Rivals Offer More Models and Match on Price
- Tesla's market share in China has shrunk from 10.5% to 6.7% in the past year amid intense local competition
- Tesla relies on just 2 models in China - Model 3 and Model Y - while rivals have launched more advanced lineups
- BYD in particular offers a wide range of models, from a $10K hatchback to a luxury SUV that can float on water
- Tesla has lost its edge in price cuts, with Chinese automakers willing to compete aggressively on price
- Tesla was forced to cut Shanghai factory production due to slowing EV market growth and declining China sales