Tesla's China-made EV sales extend decline in May amid output cut
TSLA- BEIJING (Reuters) -Sales of Tesla (NASDAQ:TSLA)'s China-made electric vehicles dropped 6.6% from a year earlier to 72,573 units in May, extending a year-on-year decline for a second month, data from the China Passenger Car Association (CPCA) showed on Tuesday.
The slide came after an 18% fall in April that reversed a 0.2% gain in March, as the U.S. automaker has slashed Model Y production by a double-digit percentage number at its Shanghai plant since March.
The output cut, which Reuters reported in late May, is intended to address weakening demand for its best-selling yet aged model in China.
Deliveries of China-made Model 3 and Model Y vehicles were up 16.7% from April.
Chinese rival BYD (SZ:002594), with its Dynasty and Ocean series of EVs and plug-in hybrids, sold 330,488 passenger vehicles in May, up 38.2% year-on-year.
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