Robert Besser
22 Jan 2023, 20:07 GMT+10
BEIJING, China: Data from China Merchants Bank International showed that in January, Tesla's retail sales surged in China after it cut the prices of its top-selling electric vehicle (EV) models earlier in the month.
The data showed that Tesla's average daily sales from 9th to 15th January rose 76 percent from the same period in 2022, totaling 12,654 vehicles.
During the same period, overall retail auto sales in the country dropped 14.5 percent year-on-year, but sales of electric and hybrid vehicles increased 36.5 percent, the data added.
Amid signs of falling demand and rising competition in the world's largest auto market, Tesla cut prices for the Model 3 and Model Y cars by between 6 percent to 13.5 percent in China beginning 6th January. This was followed buy price cuts in other Asian markets, as well as in the US and Europe.
In response, Huawei Technologies-backed EV brand Aito and Xpeng also reduced the prices of their EVs in China.
The Merchants Bank data also showed that from from 9th to 15th January, Xpeng's sales fell 36 percent from one year earlier, while those of Tesla's larger Chinese EV rival, BYD, more than doubled in the week to 40,435 vehicles, including both EVs and hybrids.
Get a daily dose of Asia Pacific Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Pacific Star.
More InformationDHAKA, Bangladesh - According to U.S. Ambassador to Bangladesh Peter Haas, addressing Dhaka's air quality problem is essential for public ...
ISLAMABAD, Pakistan - According to a high-ranking government official who briefed a parliamentary panel on Wednesday, although Pakistan has accelerated ...
KATHMANDU, Nepal - On Thursday, the National Human Rights Commission expressed its grave concern over attacks and mistreatment of medical ...
SEOUL, South Korea: Marking a tougher stand against North Korea, South Korea held its first large-scale military parade in over ...
WASHINGTON D.C.: In an interview with Reuters this week, U.S. commander General Chance Saltzman said the United States Space Force ...
BEIJING, China: A respected Uyghur scholar, known for her extensive work in studying Uyghur folklore and traditions, has been sentenced ...
WASHINGTON D.C. Due to internal brake fluid leaks that can cause an electrical short and could lead to engine fires, ...
WASHINGTON D.C. As part of its efforts to remove goods made by Uyghur forced labor from the U.S. supply chain, ...
LONDON, UK: In August, global production of primary aluminum hit an all-time high, with production running at an annualized rate ...
NEW YORK, New York - Easing pressure on U.S. Treasury yields boost stocks on American markets Thursday. Gains however were ...
DEARBORN, Michigan: Due to concerns about its ability to operate competitively while it is locked in broader union contract negotiations, ...
OTTAWA, Canada: As part of its plan to capitalize on strong travel demand and deploy fuel-efficient airplanes, this week, Air ...