Although the beginning of this year witnessed a noticeable slowdown in the global automobile industry market, many Chinese electric car manufacturers revealed that they recorded sales rates exceeding 10% during the month of March, after a weak start due to seasonal holidays.
New News - Business
BYD, the renowned Chinese electric car company achieved a remarkable increase in its sales volume estimated at 46% on an annual basis, reaching 301,631 passenger cars, including 139,902 battery electric cars. Which raises sales of the sixth largest Chinese electric car manufacturer during the first quarter to 300,114 cars.
At a time when Tesla revealed its intention to deliver 449,080 cars around the world during the first quarter. This year, the three Chinese automakers listed on the American Stock Exchange, namely Li Auto, Nio, and Xpeng, announced… Also, a significant increase in the number of deliveries, which ranged between 14% and 39% during the month of March.
Expectations That Tesla Will Regain Its Leadership Position Again Against BYD
Although the sales performance of Chinese electric cars has advanced compared to its American counterpart, the demand for purchasing Tesla cars is still leading
After China’s BYD surpassed its American competitor to become the largest producer of electric cars in the world late last year, experts’ expectations recently indicate that Tesla will once again return to the throne of electric car sales in the world.
According to the China Passenger Car Association, Tesla delivered about 89,064 cars in China during March, compared to 60,365 in February, the lowest level since December 2022, and a slight increase from the 88,869 recorded in March 2023.
Tesla typically does not break down its sales geographically, but shipments from its Shanghai factory, where it makes the Model 3 and Model Y, are recorded separately by the China Passenger Car Association.
Sources reported that the automakers owned by billionaire Elon Musk had reduced production at their factory in China over the past month, and in return, Tesla had raised the price of its most popular sports car, the Model Y, at the beginning of this week. This prompted competitors to offer more offers to customers, such as rewards and purchase vouchers, to attract more potential car buyers.
For example, BYD offered discounts on many of its models, in addition to announcing the upcoming launch of the Xiaomi SU7, the first electric car launched by the smartphone manufacturer Xiaomi. Which recently revealed its plans to invest in the automotive industry.
Strong Performance of Chinese Electric Car Companies During the Current Year
Preliminary Passenger Vehicle Association data for March showed that shipments of electric and hybrid vehicles coming to dealers in China likely rose 33% year-on-year to about 820,000 vehicles, as customers took advantage of price cuts. This compares to wholesale sales of new energy vehicles, which reached 447,000 cars during February.
The Passenger Car Association expects the broader passenger car market, including gasoline cars, to rise by 3.7% last month, compared to March 2023, to reach 1.65 million cars.
Source: Bloomberg
