Tesla China's February wholesale sales fell to a new low in more than a year.
Tesla China's February wholesale sales fell to their lowest level in more than a year, hurt by sluggish sales over the Lunar New Year holiday and an intensifying price war in the electric car market. Preliminary data released Monday by the China Association of Passenger Cars showed that Tesla China's wholesale sales in February were 60,365 units, which is the lowest level since December 2022, down nearly 16% from a year earlier; the year-on-year drop was even greater, at 19%.
The Riders' Association expects China's domestic wholesale sales of new energy passenger cars to reach 11 million units in 2024, up 22% year-on-year. Although still growing, the growth rate is lower than the 36% in 2023 and 96% in 2022. Meanwhile, the CPSC estimated that China's wholesale sales of new-energy passenger cars in February were 450,000 units, down 9 percent year-on-year and 34 percent from a year earlier. Price cuts by major automakers may dampen consumers' desire to buy as they anticipate prices may fall further, the CPSC said. $Tesla (TSLA.US)$
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