Robert Besser
22 Jan 2023, 20:07 GMT+10
BEIJING, China: Data from China Merchants Bank International showed that in January, Tesla's retail sales surged in China after it cut the prices of its top-selling electric vehicle (EV) models earlier in the month.
The data showed that Tesla's average daily sales from 9th to 15th January rose 76 percent from the same period in 2022, totaling 12,654 vehicles.
During the same period, overall retail auto sales in the country dropped 14.5 percent year-on-year, but sales of electric and hybrid vehicles increased 36.5 percent, the data added.
Amid signs of falling demand and rising competition in the world's largest auto market, Tesla cut prices for the Model 3 and Model Y cars by between 6 percent to 13.5 percent in China beginning 6th January. This was followed buy price cuts in other Asian markets, as well as in the US and Europe.
In response, Huawei Technologies-backed EV brand Aito and Xpeng also reduced the prices of their EVs in China.
The Merchants Bank data also showed that from from 9th to 15th January, Xpeng's sales fell 36 percent from one year earlier, while those of Tesla's larger Chinese EV rival, BYD, more than doubled in the week to 40,435 vehicles, including both EVs and hybrids.
Get a daily dose of Peking Press news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Peking Press.
More InformationNEW YORK, New York - Stocks ended sharply higher on Tuesday following mixed comments by Federal Reserve Chairman Jerome Powell.Powell ...
NEW YORK CITY, New York: The Wall Street Journal reported this week that the US Federal Trade Commission is preparing ...
VEVEY, Switzerland: In an interview with Frankfurter Allgemeine Zeitung this week, Nestle's Chief Executive Mark Schneider said the world's largest ...
WASHINGTON D.C.: Despite the efforts of the Federal Reserve Bank to cool the job market to help curb record-high inflation, ...
NEW YORK, New York - A sharp rise in U.S. Treasury yields kept buyers at bay on Wall Street on ...
WASHINGTON D.C.: A report released this week detailed how, in January, layoffs in the US reached a more than two-year ...
ROME, Italy: Pope Francis has told reporters that he hoped to travel to Mongolia in September despite his knee ailment, ...
TOKYO, Japan: Japan is preparing to revise legislation to allow it to restrict the export of advanced semiconductor manufacturing equipment ...
PRAGUE, Czech Republic: Ahead of her visit to Taipei, Marketa Pekarova Adamova, Speaker of the Czech Lower House, reiterated to ...
WASHINGTON D.C.: The Biden administration has stopped issuing export licenses to US companies seeking to ship most items to China's ...
TOKYO, Japan: In light of a tense security environment following Russia's invasion of Ukraine and Moscow's growing military cooperation with ...
Tehran, Iran - Iran's army on Tuesday unveiled its first underground base for fighter jets designed to withstand possible strikes ...