Tesla China's Sales Rose in May Amid EV Demand Recovery

By Jiahui Huang

Tesla's sales in China rose in May, as the country's demand for electric vehicles picked up, thanks to government trade-in programs and consumer interest generated by the Beijing Auto Show.

The U.S. EV maker sold 72,573 China-made cars in May, up 17% from a year earlier, preliminary data from the China Passenger Car Association showed Tuesday. However, Tesla's sales dropped 6.5% from April.

The CPCA estimates total sales of electric passenger cars in China last month rose 35% from a year earlier to about 910,000 units, rising 16% from April.

Consumer sentiment toward car purchases was more positive last month after the government announced a trade-in program late April and after the launch of new models at the Beijing Auto Show, the industry association said.

Tesla remained the second-largest EV seller in China. Its rival BYD sold 330,488 units in May, marking the third straight month of more than 300,000 in vehicles sales. Warren Buffett-backed BYD overtook Tesla as the world's top seller of EVs in the final quarter of 2023.

Geely Auto and Changan Automobile ranked third and fourth, with 58,673 vehicles and 55,800 vehicles sold in China, respectively.

Li Auto sold 35,020 units in May, while Huawei-backed Seres sold 32,377 units.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

June 04, 2024 05:27 ET (09:27 GMT)

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