What’s Going On With Tesla (TSLA) Shares Today? – Tesla (NASDAQ:TSLA), Xiaomi (OTC:XIACF), Boyd Gaming (NYSE:BYD)

Tesla, Inc. has reportedly sold 94,139 China-made electric vehicles (EVs) in December, marking a 68.7% increase from the previous year. According to data from China Passenger Car Association (CPCA), deliveries of China-made Model 3 and Model Y vehicles also saw a 14.2% jump from November. These impressive sales numbers contributed to Tesla’s total of 947,742 units sold for the full year, accounting for 52.4% of its global deliveries.

Tesla’s extensive manufacturing facility in Shanghai, which has an annual capacity of 1.1 million units of Model 3 and Model Y cars, plays a significant role in these sales figures. In addition to meeting the demands of the Chinese market, the facility also serves countries like New Zealand, Australia, and Europe.

Globally, Tesla achieved a milestone by delivering a record-breaking 484,507 cars in the fourth quarter, surpassing market expectations. However, despite this achievement, the Chinese company BYD Co., Ltd. exceeded Tesla in terms of sales.

In the Chinese market, Tesla faces increasing competition as local entrants enter the EV market. A price war initiated by Tesla in China last year involving over 40 brands has impacted industry profitability significantly. Additionally, Chinese smartphone manufacturer Xiaomi Corp. revealed its first EV last week and aims to become one of the world’s top five automakers in the next 15 to 20 years.

Tesla’s plans to enhance its EV capacity in Shanghai, its primary global production hub, are subject to regulatory approval from Chinese authorities.

Overall, while Tesla continues to perform well in the EV market, it faces challenges and increased competition in China. Despite this, the company remains a dominant player in the global EV industry.

Disclaimer: This article was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Leave a Reply

Your email address will not be published. Required fields are marked *