Tesla's China-made vehicle sales surge 29% in May - auto association
- Wall Street surges to all-time closing high on earnings, economic revival
- Was Intel's (INTC) Second Quarter a Speedbump or Inflection?
- Twitter (TWTR) Gains After Beating Q2 Estimates, Analysts Raise PTs as Brand Recovery Accelerates
- U.S. dollar on track for second week of gains; Fed meeting in focus
- Snap (SNAP) Surges 17% After Smashing Q2 Views Across the Board to Yield a Dozen Price Target Hikes
FILE PHOTO: A Tesla logo is seen on a wheel rim during the media day for the Shanghai auto show in Shanghai, China April 16, 2019. REUTERS/Aly Song
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
By Yilei Sun and Tony Munroe
BEIJING (Reuters) -Tesla Inc sold 33,463 China-made electric cars in May, including exports, a 29% jump from April, according to data from the China Passenger Car Association (CPCA) on Tuesday. China's new electric vehicle sales surged 177% to 185,000 cars in May from a year earlier, CPCA said. Overall passenger vehicle sales, however, rose just 1.1% to 1.66 million cars.
Tesla's China sales - accounting for nearly a third of its total sales - is closely watched as a sign of the U.S. company's health in its second biggest market, where the company has invested heavily and often changed its own marketing playbook to attract customers.
Tesla, which makes its Model 3 sedans and Model Y sport-utility vehicles in Shanghai, exported 11,527 China-made vehicles in May.
In April, it sold 25,845 China-made cars, down from 35,478 in March.
Tesla's Model 3 sedans were the best-selling electric vehicles in the country before they were overtaken by a much cheaper micro EV made by the joint venture between General Motors and SAIC Motor. The U.S. company is also facing rising competition in China from conventional EV companies such as BYD and startups including Nio Inc, Xpeng Inc.
CPCA said it expects China to sell 2.4 million electric, plug-in hybrid and hydrogen fuel cell passenger vehicles this year.
Tesla is also facing scrutiny in China over its handling of customer complaints regarding quality issues.
Last month, Reuters reported that staff at some Chinese government offices were told not to park their Tesla cars inside government compounds due to security concerns about cameras installed on the vehicles.
In response, Tesla is trying to boost its engagement with regulators and is beefing up its government relations team, sources said. It has set up a data centre in China to store data locally and plans to open a data platform for customers.
(Reporting by Yilei Sun and Tony Munroe; Editing by Jacqueline Wong)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tesla (TSLA) July weekly option implied volatility flat into quarter results
- Tonix Pharma (TNXP) Says Interim Analysis Shows TNX-102 SL Unlikely to Demonstrate Statistically Significant Improvement, Enrollment Stopped
- Venezuela's Maduro aims for dialogue with opposition in August
Create E-mail Alert Related CategoriesCorporate News, Hot Corp. News, Reuters
Related EntitiesTesla, Model 3
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!