Tesla’s Shrinking China Market Share Compounds Global Woes

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Tesla's market share in China shrank to around 6.7% in Q4 2023, down from 10.5% in Q1 2023. The company's sales and production in China are consistently backloaded, with the third month of each quarter being the strongest for local shipments. Tesla is facing tough competition in China from rivals such as BYD, Nio, Xpeng, Li Auto, Huawei, and Xiaomi, who offer newer or more extensive lineups of vehicles packed with tech features. China's EV market growth is slowing, with shipments projected to increase 25% to 11 million units in 2024, down from 36% in 2023 and 96% in 2022. Tesla recently reduced production schedules at its Shanghai factory, and its shipments from the factory declined in the first two months of 2024. Globally, Tesla delivered 386,810 vehicles in Q1 2024, missing estimates by the biggest margin ever in seven years of data.

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https://finance.yahoo.com/news/tesla-losing-ground-china-disappoints-033011602.html