Tesla (NASDAQ:TSLA) sold 62,167 EVs manufactured in China in April, representing an 18% decline year-over-year, according to data from the China Passenger Car Association (CPCA). Deliveries of Tesla’s Model 3 and Model Y vehicles manufactured in China dropped by 30.2% from March. The CPCA will provide the full data for April later this week.
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According to the CPCA data, new energy vehicle sales in China increased by 33% year-over-year to 800,000 units in April. China defines new energy vehicles as vehicles including battery-powered EVs and plug-in hybrids.
However, Tesla’s biggest rival in China, BYD (OTC:BYDDY), trumped Tesla with a sale of 312,048 passenger vehicles in April, marking a 48.97% year-on-year increase and a 3.5% rise from March.
Tesla in China
Tesla faces increasing competition in China from local EV manufacturers such as BYD, NIO (NYSE:NIO), and Li Auto (NASDAQ:LI). These Chinese EV giants are churning out car models that are priced more competitively than Tesla’s cheapest model, the Model 3.
Interestingly, in the first quarter, the EV major’s revenues from China accounted for over 20% of its total revenues, compared to around 21% in the same period last year.
Is Tesla a Buy or Sell?
Analysts remain sidelined about TSLA stock, with a Hold consensus rating based on eight Buys, 15 Holds, and nine Sells. Year-to-date, Tesla has declined by more than 20%, and the average TSLA price target of $173.29 implies a downside potential of 6.2% from current levels.
