Tesla Sales in China Drop as Local Rivals Surge

Tesla's China sales dropped 11% quarter-over-quarter in Q3 2022, the company's first decline since 2020.

Tesla's domestic rival BYD saw sales increase over 40% year-over-year in September. Other Chinese automakers also grew.

Tesla launched price cuts in China to boost declining sales. Competition with local rivals is intense.

BYD is gaining market share on Tesla in China and expanding globally. It aims to enter Europe, Latin America, etc.

The EU launched a probe into Chinese EV subsidies that could impact Tesla's China exports to Europe. Duties could be imposed.