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As per the latest reports, Tesla has gone ahead and shared its vehicle sales report for the month of July. Tesla has clarified that the sales it has mentioned are for the vehicle that was manufactured in China. The company has reported that in the month of July 2021, it has sold a total of 32,968 electric vehicles that were manufactured in China.
The electric car manufacturing company has revealed that out of the total 32,968 vehicles, a total of 24,347 vehicles were exported out of the country. This information has been confirmed by the China Passenger Car Association (CPCA). The report has been shared by the CPCA on Tuesday, August 10, 2021.
In the report, Tesla has revealed that it has experienced a lot of plunges when it comes to selling vehicles locally in China. Tesla revealed that its sales in China have experienced a huge plunge as its sales have dropped by 69% in the month of July.
In the month of June, Tesla had recorded that it had sold 28,138 vehicles in China that were China-made. However, the figure has come all the way down to 8,621 vehicles in China for the month of July. Tesla has one particular trend, which shows how the company performs in the first month of each quarter.
The history shows that in the first month of every quarter, Tesla tends to show low sales. However, the rest of the two months tend to show a surge in sales volumes for the company.
Back in June of 2021, Tesla had achieved a total of 33,155 sales for China-made vehicles. These cars include Model Y sport-utility and Model 3 sedans. The particular manufacturing plant for Chinese Tesla cars is located in Shanghai.
In the last month of July, Tesla went ahead and introduced Tesla Model Y’s cheaper version in China. However, the model ended up facing a lot of regulatory issues from the Chinese regulators. The company is still under a lot of scrutiny from the Chinese regulators.
Furthermore, the company is also facing a lot of competition from the rivals in China such as NIO, Xpeng, and Li Auto. In order to compete with the rival electric car companies in China and lead the market in China, Tesla has lowered the price of Model 3 sedans as well.
When it comes to major rivals of Tesla in China, SAIC Motor and BYD have shown a significant rise in their sales in the month of July. The data shows that in the month of July, SAIC motors successfully delivered 27,347 in China, while BYD delivered 50,387 units that are classified as electric vehicles.
As of now, Tesla’s share price is down by 0.28%, experiencing a $2.2 loss per share. For now, Tesla is trying hard to survive the heat that is coming from major regulatory authorities from the USA and China. Once the situation cools off, then Tesla will start working on increasing its share prices.
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