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BYD
sold 426,039 EVs in the April-June quarter, according to
Reuters' calculations based on its monthly sales reports. That's
around 12,000 vehicles fewer than Tesla's vehicle deliveries
estimated for the second quarter.
Tesla is expected to report a 6% drop in April-June quarter
vehicle deliveries on Tuesday, the first time the U.S. firm is
set to post two straight quarters of decline, as it deals with
stiff competition in China and slow demand due to a lack of
affordable new models.
The company may again cede its EV championship to BYD if the
actual results turn out to be softer than estimated, with
Barclays predicting an 11% drop in second-quarter deliveries,
Tesla's biggest ever.
Tesla's China-made EV sales in June fell 24.2% from a year
earlier to 71,007, according to data from China Passenger Car
Association (CPCA), extending a year-on-year decline for a third
month.
Tesla has hit a speed bump after years of rapid growth that
helped make it the world's most valuable automaker. It warned in
January that deliveries growth in 2024 would be "notably lower"
as a boost from months-long price cuts wanes.
The EV maker has cut output of its best-selling Model Y electric
car by a double-digit percentage number at its Shanghai plant
since March to address weakening demand for its aged models in
China, its second-largest market after the United States,
Reuters reported in May.
By comparison, its top Chinese competitor BYD maintained steady
growth in EV sales, while EV upstarts such as Nio reported
stellar growth last quarter. NIO's vehicle deliveries in the
second quarter more than doubled to 57,300 units.
Price cuts and a growing shift in consumer demand to EVs and
hybrids from gasoline-powered vehicles are the main reasons
behind Chinese EV makers' strong sales in recent months, said
Cui Dongshu, secretary general at CPCA.
Sales of new energy vehicles including EVs and plug-in hybrids
in China made up 46.7% of total car sales in May, a fresh
monthly high, as per CPCA data.
(Reporting by Qiaoyi Li, Zhang Yan and Kevin Krolicki; Editing
by Miyoung Kim and Sherry Jacob-Phillips)
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