Tesla’s China-made EV sales grew 3% Y/Y in August

Sales of Tesla’s (NASDAQ:TSLA) China-made electric vehicles grew 3% in August from a year earlier, according to data from the China Passenger Car Association.

The U.S. automaker also notched a 17% month-on-month growth in deliveries of its China-made Model 3 and Model Y vehicles.

Meanwhile, Chinese rival BYD (OTCPK:BYDDF) posted another record month of new energy vehicle sales in August, with sales of its plug-in hybrid electric vehicles hitting a sixth consecutive record high since March. The Shenzhen-based automaker reported a 35.3% year-on-year jump in passenger vehicle sales in August to a fresh monthly high of 370,854 units.

Other local EV competitors, including NIO (NIO), XPeng (XPEV) and Li Auto (LI), also reported higher sales on an annual basis.

Tesla’s (TSLA) rising China numbers follows a 15.3% Y/Y growth in July and a 24.2% Y/Y dip in June. Overall, the company sold more than 63,000 cars (+37% M/M) in China last month, logging its best month so far this year. However, sales were down from 64,694 units shipped in August 2023.

The recent sales momentum has been supported by several factors, including the company offering a zero-interest loans of up to five years for buyers.

Shares of the automaker were up 0.17% premarket on Tuesday.