Tesla
was able to substantially increase its sales last month in China, the biggest market for electric vehicles. But domestic rival BYD did even better.
Tesla (ticker: TSLA), run by billionaire Elon Musk, sold 84,159 EVs in August, Reuters reported Monday, citing official statistics from the China Passenger Car Association. That’s a 9.3% increase from a year earlier. Tesla’s Model 3 and Model Y sales rose more than 30% from the previous month.
Tesla cut prices on most of its models at the start of the year to help boost sales, and it again slashed the cost of its most expensive cars in August. The move appears to be helping.
BYD (1211.HK), which also sells hybrid gasoline and electric models, recorded 274,086 deliveries in August. That’s a whopping 58% gain from a year ago.
The market for EVs in China is still growing strongly, which stands to lift both BYD and Tesla. While Tesla remains number two in the country, it’s still outpacing most of its competitors.
Write to Brian Swint at [email protected]
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