LI - Tesla's March sales of China-made EVs increased 35% Y/Y - CPCA

2023-04-04 06:34:00 ET

Tesla ( NASDAQ: TSLA ) sold 88,869 China-made electric vehicles (EV) in March, according to data released by the China Passenger Car Association (CPCA) on Tuesday.

The company saw sales growth of 35% Y/Y and 19.4% from February sales of 74,402 units.

In comparison, XPeng ( XPEV ) reported 7K deliveries for March (-17% M/M), Li Auto ( LI ) delivered 20,823 units in March (+88.7% M/M), and Nio ( NIO ) came in with deliveries of 10,378 (+4% Y/Y, -14.6% M/M).

According to CPAC data, Chinese automaker BYD ( OTCPK:BYDDF ) led all brands in March electric vehicle sales in China with 206,089 electric vehicles, up 97.5% Y/Y.

On Sunday, Tesla ( TSLA ) reported record Q1 deliveries of 422,875 vehicles, exceeding the consensus expectation of 421.2K deliveries.

The company intends to release its first-quarter earnings results on April 19.

Looking longer-term, shares have lost around 49% past 12 months, but have bounced back with 8 0% gains so far in 2023.

Meanwhile, see why SA contributor Deep Tech Insights says, " Tesla is undervalued intrinsically ."

Also read: EV stocks are in focus as investors weigh Tesla deliveries, pricing war and OPEC actions

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