Tesla’s (NASDAQ:TSLA) China-made electric vehicle sales fell 4% year-over-year in July amid mounting competition from lower-priced models launched by local rivals.
However, deliveries of Tesla’s Shanghai-made Model 3 and Model Ys, including exports, rose 22.6% month-on-month in August to 83,192 units, data from the China Passenger Car Association showed Tuesday.
Chinese rival BYD (OTCPK:BYDDF) (OTCPK:BYDDY) is also showing signs of strain as rising competition erodes its momentum. After a surprise profit slump that spooked investors, the company’s sales growth nearly flatlined in August, rising just 0.1% Y/Y.
Meanwhile, nimble rivals gained ground: Geely (OTCPK:GELYF) posted a 38% jump, Leapmotor and Nio (NIO) reported record deliveries, and Xpeng’s (XPEV) year-to-date shipments have already tripled compared to the same period last year.