Tesla's Electric Vehicle Sales Surge in China

BEIJING (Reuters) – Sales of U.S. automaker Tesla (NASDAQ:TSLA)'s China-made electric vehicles rose 19.2% in September compared to a year earlier, according to the China Passenger Car Association (CPCA) data released on Wednesday.

Deliveries of the China-made Model 3 and Model Y vehicles increased 1.9% from the previous month.

The company has announced its quarterly global deliveries but has not detailed its sales figures for China.

In contrast, Chinese rival BYD (SZ:002594), known for its Dynasty and Ocean lineups of EVs and plug-in hybrids, experienced its best month to date, with a 45.56% year-on-year increase in passenger vehicle sales, totaling 417,603 units in September. Of these, 33,012 BYD cars, accounting for 7.9% of total sales, were sold overseas.

With the rise in September, Tesla observed a 12% growth in China-made EV sales for the July-September quarter, marking its first quarterly increase this year.

To compete in the largest auto market, Tesla has been extending incentives, such as zero-interest financing for some Model 3 and Model Y cars in China, which was recently extended until the end of October.

Furthermore, Tesla plans to introduce a six-seat variant of its popular yet aging Model Y in China by late 2025, as reported by Reuters.

The EV manufacturer is set to unveil its robotaxi on October 10 and is on track to launch its Full Self-Driving (FSD) advanced driver assistance software in China and Europe next year, pending regulatory approval.