Electric vehicle (EV) maker Tesla Inc (NASDAQ:TSLA) experienced a slight drop in its China-made car deliveries in October, as it faced stiff competition from local rivals, according to reports.
Tesla delivered 72,115 EVs in China last month, down 2.6% compared to September, Reuters reported citing data from the China Passenger Car Association on Thursday.
The US car maker’s sales of Model 3 and Model Y cars increased by 0.6% year on year.
Tesla has been cutting prices in China to boost its market share, but this has hurt its margins and earnings.
It also missed its global delivery targets for the third quarter, due to factory upgrades for a new version of the Model 3.
Meanwhile, Chinese EV maker BYD delivered 301,095 passenger vehicles in October, up 5% compared to September and 38.4% from a year ago.
BYD had a gross margin of 22.12% in the third quarter and is a leader in the Chinese EV market.
Another Chinese EV brand, Aito, the result of a collaboration between Seres and Huawei, has gained popularity with its M7 model, which received more than 50,000 orders within a month of its launch.