Tesla and domestic rival BYD have both seen significant increases in sales in China, the largest market for electric vehicles (EVs). In August, Tesla, led by billionaire Elon Musk, sold 84,159 EVs, marking a notable 9.3% increase compared to the previous year. Sales of Tesla’s popular models, the Model 3 and Model Y, saw a remarkable growth of over 30% from the previous month.
To further stimulate sales, Tesla had reduced prices across most of its models earlier this year. In August, they once again lowered the cost of their highest-priced cars, resulting in a positive impact on sales figures.
On the other hand, BYD, a company that also offers hybrid gasoline and electric models, experienced even more impressive results. They recorded an astonishing 274,086 deliveries in August, representing a remarkable 58% gain compared to the previous year.
The Chinese EV market continues to flourish, offering growth opportunities for both BYD and Tesla. While Tesla currently holds the second position in the country, it continues to outperform most of its competitors.