Tesla’s biggest rival and Chinese EV maker BYD, meanwhile, sold 341,030 passenger vehicles in July, up 0.07% from the corresponding month of 2024.
Tesla Inc.’s (TSLA) sales of China-made electric vehicles reportedly declined by over 8% in July to 67,886 units, including vehicles sold in China and those exported to select overseas markets.
CnEVPost reported on Monday, citing data from the China Passenger Car Association, that the numbers represent an 8.41% decline from the 74,117 vehicles sold in July 2024 and a decline of 5.19% from the number of China-made vehicles sold in June.
TSLA shares, however, traded 2% higher in the pre-market session at the time of writing, owing to the company approving a new and interim pay package to CEO Elon Musk of 96 million shares of restricted stock worth about $29 billion as of the stock’s closing price on Friday.
On Stocktwits, retail sentiment around Tesla fell from ‘bullish’ to ‘neutral’ territory over the past 24 hours while message volume remained at ‘low’ levels. Retail chatter around Tesla has increased 68% over the past 24 hours, according to Stocktwits data.
A Stocktwits user expressed confidence in Musk.
In the first seven months of the year, Tesla sold 432,360 China-made vehicles, down 13.66% year-on-year, as per the report. The dip in monthly sales numbers follows a slight 0.8% year-on-year increase recorded in June after eight months of consecutive sales drops.
Tesla’s biggest rival and Chinese EV maker, BYD Co. (BYDDF), meanwhile, sold 341,030 passenger vehicles in July, up 0.07% from the corresponding month of 2024. Tesla’s gigafactory in Shanghai makes the company’s cheaper offerings–the Model 3 sedan and the Model Y SUV for sale within the country and a select few other markets.
Last month, the company said that Gigafactory Shanghai remains its main export hub and continues to support greater market expansion with record delivery volumes in South Korea, Malaysia, the Philippines, and Singapore.
In July, it was reported that Tesla is planning to launch a new six-seater Model Y Long Range (Model Y L) variant in China, featuring a longer 3,040 mm wheelbase.
TSLA stock is down by 25% this year but up by over 52% over the past 12 months.
Read also: Tesla Approves 96M Shares Of Restricted Stock Worth $29B To CEO Elon Musk
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