Sales of Tesla vehicles built in China fell 4.3% year-on-year to 78,856 units in November, data from the China Passenger Car Association (CPCA) showed. The decline came at a time when Chinese competitors, notably BYD, are posting record results, presenting Tesla with new challenges in the world's largest EV market.
Tesla's sales performance in China and strategy to stay competitive
Sales of Model 3 and Model Y vehicles manufactured in China posted a 15.5% year-over-year increase in November, which may indicate a positive trend for these particular models. However, the overall decline in sales in the Chinese market is still worrying. Tesla $TSLA, which was previously the leader in electric vehicles, is now facing increasing competition, with its share of the Chinese market dropping to just 6% in October. That's nearly half its share from the previous month, the lowest in a year.
In response to this decline, Tesla has decided to ramp up its year-end rebate offerings in recent weeks. For…