Tesla sees drop in October sales as BYD achieves record growth

U.S. automaker Tesla sold 68,280 China-made electric vehicles in October, marking a 5.3% decline compared to the same month last year, according to data from the China Passenger Car Association (CPCA).

Deliveries of China-made Model 3 and Model Y vehicles fell 22.7% from the previous month, News.Az reports, citing Reuters.

Chinese rival BYD, with its Dynasty and Ocean series of EVs and plug-in hybrids, hit another monthly record, with a 66.2% year-on-year increase in passenger vehicle sales to 500,526 units last month.

Overseas shipments made up 6% of total sales, according to a BYD filing.

The U.S. EV company's third-quarter earnings beat estimates after one-offs for layoffs in the prior quarter and it posted the first annual gain in deliveries this year owing to sales promotions.

It still outsold BYD in EV shipments last quarter, but was bested by the Chinese rival in
revenue terms.

In late October, Tesla extended a zero-interest financing scheme it first introduced in China in July for some Model 3 and Model Y cars by another month to the end of November.

News.Az