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(Bloomberg) — Tesla Inc.’s China sales recovered in February from a low base last year, as the electric-vehicle maker weathered challenges from a nine-day Lunar New Year lull and gradual phase out of subsidies.
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The Elon Musk-led company delivered 58,599 vehicles during the month, a 91% jump from a year ago, data released by China’s Passenger Car Association showed on Thursday.
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In January, Tesla’s China retail volumes plunged 45% to 18,485 units — the lowest level since late 2022 when the nation started to recover from Covid lockdowns. While deliveries rebounded to 38,206 units last month, Tesla faces relentless competition from high-tech domestic rivals like Xiaomi Corp. and BYD Co.
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BYD just debuted an upgraded charging technology that it claims can recharge an EV from 10% to 70% in five minutes, and achieve near full charge in nine minutes. To keep attracting buyers and defend its market share, Tesla has extended financing plans with zero or ultra-low interest rates through the end of the first quarter.
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The broader market, however, remains fragile. Total car sales slumped 25% in February to about 1.03 million units. Even the previously resilient new-energy vehicles — comprising EVs and plug-in hybrids — contracted 32% year-on-year, according to PCA. The slump was largely attributed to a pull-forward effect, as buyers rushed to finalize purchases in December last year to avoid a 5% new-energy vehicle tax that took effect on New Year’s day.
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BYD, which outperformed Tesla and has become the world’s largest EV maker, reported a 41% drop in vehicle sales for February from a year earlier.
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The downturn in retail sales is expected to persist into March, undershooting previous forecasts, according to PCA Secretary General Cui Dongshu. Volumes may not return to growth until the second half of the year, Cui said.
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