TSLA - Tesla's China deliveries fell to a 2023 low in July
2023-08-03 08:30:51 ET
Tesla ( NASDAQ: TSLA ) is on watch Thursday after data from the China Passenger Car Association indicated the electric vehicle maker sold 64,285 China-made electric vehicles during the month of July. While the EV tally was up 128% from a year ago when the Shanghai Gigafactory was being upgraded for a few weeks, the level of production was down 31% from June and was the lowest for 2023.
By comparison, BYD Company Limited ( OTCPK:BYDDF ) reported a 61% year-on-year rise in July sales to 261,105 passenger vehicles, including 18,169 that were exported. During the month of July, Nio ( NIO ) reported deliveries of 20,462 (+91% month-over-month), Li Auto ( LI ) reported deliveries of 34,134 (+5% M/M), and XPeng ( XPEV ) reported deliveries of 11,008 (+28% M/M).
The monthly sales and deliveries reports in China are being closely watched to see how consumers react to the recent drop in prices. There has also been a boost of support from Beijing. On June 21, the Ministry of Finance announced that electric vehicle buyers will continue to be exempt from a purchase tax in 2024 and 2025.
In separate Tesla ( TSLA ) news on Thursday, the company faces a class action lawsuit in California over its electric vehicle range claims. The suit accuses Tesla ( TSLA ) of falsely advertising the estimated driving ranges of electric vehicles sold in the state.
Shares of Tesla ( TSLA ) trickled down 0.65% in premarket trading on Thursday. XPeng ( XPEV ) was 0.17% lower, while Li Auto ( LI ) rallied 1.77% and Nio ( NIO ) jumped 3.57% .
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Tesla's China deliveries fell to a 2023 low in July