Tesla Model 3 sales plummeted 64 percent in China last April

Tesla Model 3 sales plummeted 64 percent in China last April

Sales of Tesla’s Model 3 sedan in China dropped more than 64 percent in April compared to the previous month, following a rebound in the electric car market, according to data published on Monday from an industry group.

In April, Tesla sold 3,635 Model 3 cars — down from 10,160 in March, said the China Passenger Car Association (CPCA).

Tesla’s sales are going down

That decline comes amid April’s 9.8 per cent month-to-month rise in electric car sales in China. The CPCA has announced that it is already seeing a bounce back in demand following the coronavirus epidemic in the world’s second-largest economy, essentially shutting down the country for several weeks.

When CNBC called, a representative for Tesla was not immediately available for comment.

CEO Elon Musk said in earnings call on April 29 Tesla was lowering the Model 3 price in China.

“We are making fast strides in reducing manufacturing costs in China, and we are very excited to announce on this call that we will effectively raising the price of Standard Range Model 3 tomorrow in China time,” he said at the point, according to a translation from FactSet. “And it’s going to be a price below the subsidy cap, so we feel comfortable that it will still be a vehicle producing a decent gross margin.”

China’s shutdown impacted Tesla, among other automakers so factories in the region. Earlier this year the U.S. automaker had to close down their Shanghai plant and shops briefly.

Its factory in Shanghai, which started production last year in October. It is the first company to be located outside the USA. In January Tesla only started selling Model 3 cars to Chinese customers.

The CPCA did not include an explanation in its study. As to what caused the decline in revenue in Model 3.

Tesla sold 19,705 Model 3 cars in total during the first four months of the year, the CPCA said.

(Visited 1 times, 1 visits today)

Pandemic adapting: Getting set for post-pandemic economy

Previous article

Covid Cases in White House contradict Trump’s opening statement

Next article

You may also like

More in Cars