Tesla down on the stock exchange: slump for deliveries from Shanghai (-19%)
This time the Lunar New Year festivities weighed in. Increasingly fierce competition and a slowdown in demand remain in the foreground
2' min read
2' min read
Tesla experienced another bloody session on the stock exchange, losing 7 per cent. At this point the red since the beginning of the year stands at 23 per cent. The blow came from new delivery data from the factory in Shanghai, China.
The long Chinese New Year festivities but above all increasingly fierce competition contributed to making this day bitter for the American manufacturer. The Texan carmaker shipped 60,365 vehicles, according to preliminary figures published by China's Passenger Car Association (CPCA): this is the lowest figure since December 2022, -16% month-on-month and -19% year-on-year.
Car sales in China traditionally stall during the Moon New Year period, when millions of people across the country take time off work and return home to visit relatives and friends. The festive period lasts 16 days. This year it started on 10 February.
The market for electric vehicles is booming
.But coincidence aside, as in many other parts of the world, the growth of the electric vehicle market in China is slowing down. According to CPCA projections, shipments of new energy vehicles (NEVs, which include battery-powered cars and plug-in hybrids) to dealers will increase by 25% to 11 million units this year, more than a third of the market. While still expanding, this is a slowdown from +36% in 2023 and +96% in 2022.
Sales of new energy vehicles fell by 9% overall last month compared to February 2023, down to 450,000 units, according to the latest CPCA estimates. Vigorous price cuts by major manufacturers may have prompted consumers to postpone purchases in the hope of further price reductions.
