Tesla Inc TSLA shares slid over 2% in pre-market trading on Monday after China Passenger Car Association (CPCA) data showed that its deliveries of China-made vehicles in October dropped 5.3% compared to the corresponding period last year.
What Happened: Tesla China sold 68,280 vehicles in October, including exports, CnEVPost reported, citing CPCA data.
This is the lowest number of vehicles sold by Tesla China this year since April and marks a drop of 5.32% from October 2023 and a steep slide of 22.7% from September.
Tesla’s rival BYD Co Ltd BYDDY, meanwhile, sold 502,657 new energy vehicles in October, including battery electric vehicles and plug-in hybrids, marking a growth of 66.5% from October 2023.
Why It Matters: Elon Musk-led company’s gigafactory in Shanghai manufactures Model 3 and Model Y for sale in China as well as export to countries including the UK. According to Tesla's third-quarter shareholder report, the gigafactory in Shanghai has an annual vehicle production capacity of over 950,000 vehicles, implying a daily maximum capacity of about 2,603 vehicles.
For the full year 2023, Tesla delivered 1,808,581 vehicles around the globe. To mark a growth over last year, the company has to deliver at least 514,926 vehicles in the three months through the end of December.
Price Action: Tesla shares closed down 0.35% at $248.98 on Friday. The stock is up by 0.2% year-to-date, according to data from Benzinga Pro.
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