Sales of Elon Musk's Tesla Vehicles Plunge 11.5% In China

Tesla car sales to China plunged 11.5% in January from a year earlier amid heightened competition, according to reports.

Elon Musk's Tesla sold 63,238 of its electric cars in January, down from the 71,447 cars it sold in January 2024, Reuters reported, citing data from the China Passenger Car Association.

Deliveries of China-made Model 3 and Model Y vehicles plummeted 32.6% from the previous month, the report said.

Its Chinese rival, BYD, sold 296,446 of its electric and plug-in vehicles in January, a 47.5% increase from last January.

Competitor Xiaomi's SU7 outsold Tesla's Model 3 in December, and the Beijing-based tech company is expecting to launch its first SUV this summer, Reuters reported.

Tesla, responding to its market decline in China amid a surge in competition, extended a $1,372 discount for outstanding loans on Model Y vehicles and zero-interest financing for five years on some Model 3 and Model Y cars, Reuters reported.