Tesla officials have just shared their production data for the China-made electric vehicles and it looks very promising. The company was excited to share its achievement in the month of February involving China-made electric vehicles.
Tesla Shared Vehicle Production Date
Tesla revealed that in the month of February, they produced 74,402 vehicles from the Chinese manufacturing plants.
This is a huge production figure Tesla has registered from the Chinese manufacturing plants in any given month.
The latest data for the Chinese EV productions for Tesla has been shared by the Passenger Car Association of China.
YoY Sales Surge by 31.65%
As per their findings, Tesla’s production from the Chinese manufacturing plants has surged by 31.65%. The increase is compared to the February of the past year.
Even compared to the previous month (January), the company’s production from the Chinese plant has surged by 12.6%.
The company has revealed last month that it had produced 66,051 vehicles from the Chinese production plant. The vehicles it produced were all Model Y and Model 3 electric cars.
Performance of BYD
Tesla may be the largest EV manufacturer in the entire world but it is not the largest EV maker in China. The US-headquartered EV maker has multiple competitors to fight in the Chinese EV market.
The biggest challenge for Tesla in China is BYD, which is ahead of it in terms of China-based EV production.
The CPCA recently shared information about the EVs produced by BYD in the same month, which is much more than the production figures of Tesla.
The CPCA has confirmed Ocean and Dynasty series of the EVs produced by BYD in February was 191,664.
Plans Shared by Tesla
Tesla has longed to compete and beat its Chinese EV rivals such as BYD to overtake the Chinese EV market. However, it has to do so much to ensure that it is able to make a difference with its vehicles.
As the month of January 2023 came to a close, Tesla announced its production plans for February and March.
The company had announced that it wanted to produce an average of 20,000 units from the Shanghai plant in the month of February and March.
The company had expected its demand EV demand to go up after the announcement of price cuts.
Shares are Still Running Short
The company had made predictions about the increase in its production for the respective months based on the production figures in the fourth quarter.
Despite making strong predictions about the weekly productions, they have remained short of the forecast.
The Chinese customers are still not buying the EVs from Tesla at the same pace as they had expected in the respective months.
Tesla was sure that if it discounted the vehicles in the overseas market, it would definitely increase its traction.
Although a bump was visible in the Chinese EV market for the Tesla vehicles it has started to wane.
Tesla is Struggling in China
In addition to the above, Tesla is struggling to keep itself among the top companies in the new energy vehicle sector of China.
It comes as a shocker that Tesla’s contribution to the market of such vehicles dropped to 9% in February for the Chinese market. Just a month earlier, the contribution rate for the same sector was 10%.
Tesla Shares Compared to BYD
Due to the recent developments, the share prices for Tesla have surged by 3.61%. After the bump, the share prices for Tesla are now at $197.79 per share.
The year-to-date analysis shows that the share prices for Tesla have surged by 82.97%, a great sign for the company.
As for BYD, the share prices have surged by 3.55% in the stock market. On a year-to-date scale, the company’s growth has been 37%, which was previously at 27%.
There is a high possibility that Tesla’s performance may get magnified in the upcoming months. This is because Tesla is eager to launch its Supercharger Empire in Thailand.