Electric vehicle company Tesla Inc TSLA is one of the many companies competing in the highly competitive Chinese automotive market.
A new report showed Tesla with the second-largest market share for retail sales in the country.
What Happened: Tesla is one of the leading electric vehicle producers worldwide and operates in many countries, including China.
Newly released data from the China Passenger Car Association showed Tesla with a strong market share position in the country.
Tesla sold 65,504 new energy vehicles at retail in China for the month of November, as reported by CnEV Post. The figure was up 4.8% year-over-year and gave Tesla a 7.8% market share of all new energy vehicles (plug-in and battery-powered) at retail for China.
BYD BYDDY ranked first for November with 263,066 retail sales and a market share of 31.3%.
Rounding out the top five were Geely at 63,462, SAIC-GM-Wuling at 54,300 and Changan at 44,645. Geely's market share was 7.6% for the month of November, ranking closely behind Tesla.
BYD and Geely sell both plug-in hybrids and battery-powered electric vehicles, while Tesla is the only one of the top three exclusively battery-powered.
Li Auto Inc LI and Xpeng Inc – ADR XPEV, which are publicly traded on U.S. exchanges, ranked sixth and tenth for the month of November, respectively.
Year-to-date through November, BYD ranked first for NEV retail sales with 2,405,860 units and a 35.3% market share. Tesla ranked second with 527,859 units and a 7.8% market share.
Related Link: Tesla Q3 Earnings Highlights: Revenue Miss, EPS Miss, Cybertruck Launch Set For November And More
Why It's Important: For the month of November, China's NEVs hit 841,000 units, marking the first time the country's retail sales passed the 800,000 unit mark.
Of the 841,000 total, battery-powered electric vehicles represented 552,000 units, while plug-in hybrid vehicles represented 289,000 units. The BEV and PHEV figures were also records for the country.
CnEV also reported November was the first month China hit over one million NEVs when counting exports.
The Chinese market continued to be an important one for Tesla and the company's strong market share and retail year-over-year gains come as records are set for the country's electric vehicle sales.
Tesla and others are also growing market share at the potential expense of others.
Nio Inc – ADR NIO ranked out of the top 10 for the month of November with 15,949 retail sales in China, which was down from 16,074 in the previous month. Nio ranked ninth year-to-date through November with 142,026 unit sales and a 2.1% market share.
TSLA Price Action: Tesla shares are down 1.68% to $239.74 at market close on Monday versus a 52-week trading range of $101.81 to $299.29.
Photo: Tesla Model Y, courtesy of Tesla Inc.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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