In 2024, Tesla's sales volume in China increased by 8.8%, exceeding 0.657 million vehicles, accounting for 36.7% of the total delivery share, making it the second largest market in the world.
In 2024, Tesla's global deliveries declined, but China bucked the trend and reached a record high.
On Friday, January 3, Tesla announced that its 2024 sales volume in China increased 8.8% year over year, surpassing 0.657 million vehicles, accounting for 36.7% of the total delivery share, making it its second-largest market in the world.
In the same year, Tesla's global annual deliveries declined for the first time, down 1.1% year on year. Global sales volume in 2024 was 1.79 million vehicles, which failed to achieve the slight increase previously predicted by Musk.
Analysts said that the reduction in European subsidies, the shift to lower-priced hybrid cars in the US market, and increased global competition, particularly strong competition from BYD, have dragged down Tesla's sales performance in the global market.
Previously, Tesla extended its preferential loan policy for its best-selling model Model Y in China, providing a discount of up to 0.01 million yuan (about 1369.99 US dollars), while providing up to five years of zero-interest financing for some Model 3 and Model Y models. The preferential policy will continue until January 31, 2025.
Meanwhile, China's leading electric vehicle company BYD has enhanced its competitiveness in the global market by cutting costs and has exceeded sales targets. Passenger car sales increased 41% last year, reaching 4.25 million units.