Tesla stock dips after China EV sales fall 11%
EV-maker Tesla saw a decrease in its China-made EV sales year-over-year for the month of September.
FrankLin
The new Tesla Model 3+ is on sale at a Tesla store in Hangzhou, Zhejiang province, China, September 26, 2023.
Costfoto | Nurphoto | Getty Images
Tesla stock dipped about 2% Monday after its sales of China-made electric vehicles decreased by 10.9% year-over-year for the month of September, according to a report from the China Passenger Car Association (CPCA) published on Sunday.
The report said the U.S. automaker sold 74,073 China-made electric vehicles during the month. Sales for the Model 3 and Model Y vehicles made in China were down 12% from August to September. Tesla exports many of the cars it makes in China.
Tesla did not immediately respond to a request for comment.
News of Tesla's sales dip comes a week after the company announced third-quarter vehicle deliveries that came in below deliveries and production from the previous quarter.
"A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call," the company said. "Our 2023 volume target of around 1.8 million vehicles remains unchanged."
The company slashed prices for some of its Model 3 and Model Y in the U.S. on Oct. 6.
Tesla will report third-quarter earnings on Oct. 18.
