Tesla, record sales in China in 2024 - Company posted 8.8% growth, despite decline in global shipments
Tesla achieved a record number of sales in China last year, selling over 650,000 electric cars. However, the company's global shipments fell for the first time by 1.1%, due to increased competition and market changes.
American electric vehicle maker Tesla announced that the company's sales in China rose 8.8% to a record level of more than 657,000 cars in 2024. This strong performance in a competitive market came in the year when its annual global shipments fell by first time.
Tesla's sales in the world's largest auto market also rose 12.8% in December from a month earlier to a record 83,000 units, according to Tesla China. In 2024, Tesla delivered 36.7% of cars to customers in China, its second-largest market, based on sales figures.
But global shipments still fell 1.1%, missing CEO Elon Musk's earlier forecast of slight growth. A reduction in European subsidies, a US shift to lower-priced hybrid vehicles and tougher global competition, particularly from China, caused sales setbacks.
Tesla's record sales in China as its worldwide shipments fell reflect the global electric vehicle landscape, with China the only major market seeing strong growth versus a slowdown or even slide in other markets, according to experts.
Beijing accounted for 70% of global sales of electric and hybrid cars in the first 11 months of 2024, and over 90% of the growth in their global sales over the past year came from China, industry data showed.
With global sales for the year reaching 1.79 million cars, Tesla ranked just ahead of China's BYD, whose sales rose 12.1% to 1.76 million globally.
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