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Tesla Inc's monthly net orders for vehicles in China have dropped in the month of May. The same was 9,800 in May as compared to 18,000 in April. This drop in the orders has led to a reduction in the value of the shares by 5%. The Chinese government scrutiny on the US-based electric car maker Tesla has led to a reduction in the orders in China in May as compared with that of April.
China is the second largest market after the USA when it comes to Tesla’s electric cars. It accounts for 30% of the total sales. The first factory of Tesla was built in 2019 in Shanghai. The Shanghai plant is used by Tesla to make electric Model 3 and Model Y sport-utility vehicles. Tesla’s Model 3 sedan was the best-selling electric vehicle until it was taken over by much cheaper micro electric vehicle.
The new Chinese regulations on due to the increased safety concerns and consumer complaints in the last few months have led to a drastic slump in its sales in the country. The tough stance by the Chinese government has been coupled with the growing tensions with Washington.
According to General Cui Dongshu, Secretory, Chinese auto industry body CPCA, Tesla has sold 11,671 Model 3 and Model Y vehicles in April in China.
Source – The Hindu
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