Tesla’s sales in China more than doubled last year amid the coronavirus pandemic, according to a filing out Monday. The electric car maker’s sales in China of $6.66 billion last year accounted for about a fifth, or 21% of the $31.54 billion total. In 2019, Tesla’s China sales reached $2.98 billion, just 12% of the $24.58 billion total.
The U.S. remained Tesla’s largest market, with sales rising 20% last year to $15.21 billion and accounting for roughly half of total sales. Tesla began ramping up production last year at its factory in Shanghai and selling China-made cars to the local market. The company’s Model 3 was the best-selling electric car in the country in 2020, according to China’s Passenger Car Association. The automaker also began deliveries of a new model, a China-made Model Y, to local customers this year.
However, Tesla faces competition in the local market from Chinese electric car start-ups like Nio and Xpeng, while regulatory scrutiny has increased. On Monday, China’s State Administration for Market Regulation said on its website that it and four other government departments recently met with Tesla’s local subsidiaries over an increase in consumer reports of vehicle problems.
Tesla’s China sales more than doubled in 2020, CNBC, Feb 9
- Adobe reversed from support zone - Likely to rise to resistance level 500.00 Adobe…
- EURJPY reversed from support zone - Likely to rise to resistance level 0.8625 EURGBP…
USDJPY was slipping below 153 on Friday morning, a three-week low and having lost over…
Market picture Crypto market capitalisation rose 3.3% in 24 hours to $2.22 trillion. Local capitalisation…
- EURJPY under strong bearish pressure - Likely to fall to support level 163.10 EURJPY…
- WTI broke round support level 80.00 - Likely to fall to support level 76.00…
This website uses cookies