Stock

Tesla posts first-ever drop in annual shipments from its Shanghai plant

1 Mins read

Investing.com — Tesla has registered a decline in annual shipments from its Shanghai factory, marking the first such drop since the facility began mass production in 2020. 

Data from China’s Passenger Car Association (PCA) showed the U.S. electric-vehicle giant sold 93,766 China-made cars in December, representing a 0.4% decline compared with a year earlier. However, they were 18% higher than in November.

A report from Bloomberg said that the electric vehicle manufacturer delivered 916,660 vehicles from the plant in 2024, a 3% decrease from the previous year.

Meanwhile, Reuters noted that Tesla (NASDAQ:TSLA) said sales in China climbed 8.8% in 2024 to a record 657,000 units.

The Shanghai facility is Tesla’s first factory outside the United States. Despite year-end incentives aimed at boosting sales, Tesla’s December shipments from the plant remained flat year-on-year, totaling 93,766 units.

The decline could highlight mounting challenges for Tesla, including intensifying competition from Chinese EV makers like BYD Co (SZ:002594). and lukewarm global demand, with a release yesterday showing annual global sales dropped for the first time in over a decade.

BYD, Tesla’s key competitor in China, reported robust performance, selling 1.76 million fully battery-powered vehicles in 2024. When including hybrids, BYD’s total passenger vehicle sales reached 4.25 million, underscoring its growing dominance in the market.

 

This post appeared first on investing.com

Related posts
Stock

UBS sees stock market rally continuing in 2025

1 Mins read
Investing.com — Despite a cautious end to 2024, UBS analysts project that the stock market rally will persist in 2025, driven by several…
Stock

Disney, Fox and Warner Bros to ask court to lift ban on launch of Venu Sports service

1 Mins read
By Dawn Chmielewski (Reuters) – Three major media companies will ask the U.S. Court of Appeals on Monday to reverse a ruling…
Stock

JPMorgan strategists see European equities underperforming US peers for longer

1 Mins read
Investing.com — JPMorgan strategists project that European equities will continue to underperform their US counterparts in 2025, as the group remains weighed…

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.