Tesla (TSLA) sold 74,402 China-made vehicles in February
Data from the China Passenger Car Association (CPCA) showed on Friday that Tesla (NASDAQ; TSLA) sold 74,402 China-made electric vehicles (EV) in February, up 31.65% from a year earlier, and up 12.6% from January, when the U.S. electric car maker delivered 66,051 China-made Model 3 and Model Y electric cars.
Tesla's market share in China's new energy vehicle sector, which includes both pure electric and plug-in hybrid cars, slid to 9% (From 10% a year earlier) according to data from China Merchants Bank International.
Rival BYD with its Dynasty and Ocean series of EVs and hybrids sold 191,664 vehicles last month. Increasing their market share from 27% to 37%.
As competition intensifies, Tesla aims to increase its exports and expand into new markets to digest output from its factory in Shanghai.
Shares of TSLA are down 1.24% in pre-market trading on Wednesday.
By Michael Elkins | [email protected]