Customers learned about Tesla electric cars at a store in Hangzhou, east China, Wednesday.
Photo:
Cfoto/Zuma Press
Hong Kong—
Tesla Inc.
TSLA 5.12%
delivered far fewer China-made electric vehicles in December than in November and the company has extended discounts for another two months during a period of weakening demand.
Tesla delivered almost 55,800 Model 3 and Model Y vehicles from its Shanghai gigafactory during the last month of 2022—a figure that includes exports—according to data released Thursday by the China Passenger Car Association.
Tesla’s December deliveries dropped by about 20% from the same month in 2021 and were a little more than half of those made in November. China’s carmakers and dealers overall saw a drop in retail sales that month, as demand weakened towards the end of the year under an unprecedented nationwide Covid-19 outbreak.
The U.S. EV maker delivered more than 710,000 China-made EVs in 2022, up 50% from a year earlier. Chinese rival
BYD Co.
, whose cars are generally cheaper, delivered around 911,000 fully electric vehicles last year, almost three times that of 2021.
To boost sales Tesla said on Jan. 1 that discounts equivalent to about $870 for both models will be extended in China until the end of February, as well as about $580 off insurance bought from its partners. A standard Model 3 now costs around $37,800 and around $41,200 for a Model Y.
After several price increases globally and in China last year to offset rising cost of materials, Tesla began cutting back on prices in the country in October by up to 9%. In early December it offered around $860 off of ready-made Model 3 and Model Y cars to those who would make a purchase by the end of last year, when state subsidies for EVs were due to expire, along with a discount on insurance.
Write to Selina Cheng at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
For all the latest Technology News Click Here
For the latest news and updates, follow us on Google News.
