Sales of Tesla Inc (NASDAQ:TSLA)'s Chinese-made electric vehicles (EVs) dropped by 17.8% in November when compared to the same time last year, the largest monthly decline since December 2022’s 21% year-over-year decrease, according to new data from the China Passenger Car Association (CPCA) released on Monday.
Tesla sold 82,432 EVs during the month, the data showed.
The U.S.-based EV maker headed up by Elon Musk had reduced its output and slashed prices to limit its rising inventory and stimulate demand.
However, deliveries of Tesla’s Chinese-made Model 3 and Model Y EVs were 14.3% higher in November than the previous month, the data also showed.
Its Chinese competitor BYD delivered a record 301,378 vehicles during the month, up 0.09% from the prior month and 31% year-over-year.
The CPCA data also pointed to a growing consumer preference for plug-in hybrid vehicles.
Tesla shares traded 1.2% lower at US$235.83 before Monday's opening bell.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on X, formerly known as Twitter, @emilyjjarvie