Tesla (NASDAQ:TSLA), a major electric vehicle manufacturer, sold 94,139 Chinese-made electric vehicles in December. This was a 68.7% year-over-year jump, according to data from the China Passenger Car Association (CPCA). The company’s deliveries of its Model 3 and Model Y vehicles manufactured in China were up 14.2% from November.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
In contrast, Chinese EV maker BYD (BYDDY) delivered 341,043 passenger vehicles in December, up 13% from November and a 45% increase year-over-year. BYD had a record fourth quarter with sales of 944,779 new energy vehicles, including 526,409 pure EVs. BYD reported a 62% surge in vehicle sales in 2023, selling around 3.02 million units.
Tesla had China-made sales, including exports, of 947,742 in 2023, comprising 52.4% of the company’s global deliveries. The firm’s manufacturing plant in Shanghai is its biggest globally and is capable of producing 1.1 million units of Model 3 and Model Y cars every year.
Tesla delivered 484,000 vehicles in the fourth quarter.
What is the Future Price of Tesla Stock?
Analysts remain sidelined about TSLA stock with a Hold consensus rating based on 12 Buys, 13 Holds, and five Sells. Over the past year, TSLA stock has surged by more than 100%, and the average TSLA price target of $245.27 implies a downside potential of 1.3% at current levels.
