According to new data released by the China Passenger Vehicle Association (CPCA) on Tuesday, Tesla officially sold 56,515 cars in China in February. Sales of new energy vehicles in China increased by 180.5% year-on-year to 272,000 units.
That's down from the company's 59,845 vehicles sold in January, a figure widely expected by investors to decline slightly. Year after year, these numbers are impressive, but the figures still reflect a slowdown in production due to the ongoing COVID-19 pandemic.
Barron's noted that if Tesla is to meet its expected target of delivering 800,000 to 900,000 vehicles in China throughout the year, it must catch up for the rest of the year.
Recall that in January, Tesla's sales fell by 15.5 percent as the company grappled with increasingly fierce competition for electric vehicles and record higher sales in December. In December, Tesla sold 70,602 cars in China, up 34 percent year-over-year.
Tesla's rival in the electric car space, WEILAI, delivered 6,131 vehicles in February, up 9.9 percent year-on-year. Ideal and Xiaopeng sold 8,414 and 6,225 units, respectively, up 265% and 180% year-on-year, respectively.
For 2021, new energy vehicles will make a big splash in China, with total sales of 2.99 million units. According to Bloomberg data, battery electric vehicle sales led in 2021, with annual sales up 168.6% to 2.44 million units. Consumer acceptance of new energy vehicles continues to rise, and the market has shifted from policy-driven to demand-driven. ”
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