According to the China Passenger Car Association, Tesla’s (TSLA) January sales in China dropped 11% to 63,328 units.
In a market where new-energy passenger cars increased 31% annually, that is. The market leader, BYD Co. Ltd. (HK:1211), saw a 48% increase in sales.
The second-largest market for Tesla is China, where the American automaker is up against fierce competition from a variety of rivals. According to CPCA data, sales of XPeng Inc. (XPEV) and Nio Inc. (NIO) increased over the previous year.
Premarket trading saw a 1% decline in Tesla shares. Despite a 7% decline this year, the stock has almost doubled in the last 52 weeks.
In Europe, where CEO Elon Musk has turned into a contentious figure by supporting the anti-immigration AfD party ahead of Germany’s federal elections, Tesla has seen a decline in car sales.
According to local trade groups in France and Germany, Tesla sales plunged 63% and 60%, respectively, in January.
While individual purchasers are waiting for a new Model Y, business clients are shunning Tesla for image reasons, according to the German business daily Handelsblatt.
