Tesla's China sales plunge to a three-year low, hitting 26,006 vehicles in October, as the U.S. electric vehicle giant grapples with weak demand in a fiercely competitive market. This comes on the heels of a 35.8% sales decline from the previous year, a stark contrast to September's robust 71,525 sales when the Model Y Long Range, a six-seat version of the popular Model Y SUV, began deliveries in China. Despite this setback, Tesla's exports of China-made vehicles surged to a two-year high of 35,491 units in October, according to the China Passenger Car Association. However, Tesla's market share in China's EV market shrank to a mere 3.2% in October, down from 8.7% the month prior, marking its lowest point in over three years. This poor performance in the world's largest auto market mirrors Tesla's struggles in Europe, where sales plummeted in October in countries like Germany, Spain, the Netherlands, and the Nordics. The company faces mounting pressure in China, its second-largest market after the U.S. in the third quarter. Meanwhile, Tesla's Chinese competitors, Xiaomi, with its SU7 sedan and YU7 SUV, posted record sales of 48,654 units in October, despite accidents involving their sedans raising EV safety concerns.
