Tesla’s China-Made EV Sales Reportedly Drop 10% In October, Lowest Since May

• The company’s China-made EV sales came in at 61,497 units in October. 
• This marks a drop of 9.9% year-on-year and a drop of 32.3% month-on-month. 
• Tesla’s rival BYD, meanwhile, reported a 12% drop in global sales to 441,706 units last month. 
   

Tesla’s (TSLA) China-made electric vehicle sales reportedly fell 9.9% to 61,497 units in October from a year earlier.

Reuters reported on Tuesday, citing data from the China Passenger Car Association, that this marks a 32.3% drop from September numbers. According to CnEVPost, this is also the lowest monthly number since May.

Tesla manufactures the Model 3 and Model Y at this Shanghai gigafactory, both for sale in China and export to select external markets, including Europe.

Rival Performance

Meanwhile, Tesla’s biggest rival BYD Co (BYDDY, BYDDF) saw global passenger battery electric vehicle sales rise 17% to 222,559 units last month.

However, overall vehicle sales fell a deep 12% to 441,706 units, marking the second consecutive month of decline. BYD, unlike Tesla, makes both battery electric and plug-in hybrid electric vehicles.

Model Y, 3 Variants In China

Tesla announced a longer version of the Model Y SUV in China in August with a starting price of 339,000 yuan ($47,605.67), 29% more expensive than the base variant of the SUV. The vehicle features three rows of six seats and is also longer than the average Model Y, measuring approximately 196 inches, compared to 189 inches for the other variants. This variant of the SUV is unavailable in the U.S., and Tesla CEO Elon Musk has previously said that the variant will not start production in the U.S. until at least the end of next year.

Meanwhile, the company is yet to launch the standard and cheaper versions of either the Model Y or 3 in China. They were unveiled in the U.S. last month.

How Did Stocktwits Users React?

TSLA stock is down by about 2% in the pre-market session. On Stocktwits, retail sentiment around TSLA stayed within the ‘bearish’ territory while message volume remained at ‘low’ levels.

TSLA stock is up 16% this year and approximately 93% over the past 12 months. 

Read also: Nintendo Hikes Profit Forecast On Record Switch 2 Sales: Retail Turns Bullish

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