Tesla: market share falling sharply in China

(Boursier.com) — You’re here stalled yesterday on Wall Street, with quarterly sales well below expectations. In the first quarter, the electric vehicle manufacturer produced just over 433,000 vehicles and delivered around 387,000 vehicles. Specialists anticipated nearly 450,000 units delivered and 453,000 produced. The decline in car sales volumes is partly due to the first phase of production of the updated Model 3 at the Fremont plant and factory closures resulting from ship hijackings caused by the Red Sea conflict. Tesla also mentions the arson at the Berlin Gigafactory.

This Wednesday, Bloomberg calculates, based on figures from China’s Passenger Car Association (CPCA), that faced with unprecedented competition and the weakening of Chinese consumer morale, the local market share of Musk’s group would have fallen at around 6.7% in the December quarter, compared to 10.5% in the first quarter of last year. Although the Chinese CPCA has not yet provided details on the number of vehicles leaving Tesla’s Shanghai factory and shipped locally in March, figures for the first two months of the year also show that the Texas manufacturer’s share on the Chinese market would have fallen to around 6.6%, adds the agency.