The brand new Tesla Model 3+ is on sale at a Tesla store in Hangzhou, Zhejiang province, in China, on Sept. 26, 2023.
Costfoto | Nurphoto | Getty Images
Tesla stock was down about 2% Monday morning but recovered later within the day as the remainder of the market rallied. Shares took a small hit after a report published Sunday by the China Passenger Automobile Association said sales of the corporate’s China-made electric vehicles decreased 10.9% yr over yr for the month of September.
The report said the U.S. automaker sold 74,073 China-made EVs in the course of the month. Sales for the Model 3 and Model Y vehicles made in China were down 12% from August to September. Tesla exports lots of the cars it makes in China.
Tesla didn’t immediately reply to CNBC’s request for comment.
News of Tesla’s sales dip comes per week after the corporate announced third-quarter vehicle deliveries that got here in below deliveries and production from the previous quarter.
“A sequential decline in volumes was brought on by planned downtimes for factory upgrades, as discussed on essentially the most recent earnings call,” the corporate said. “Our 2023 volume goal of around 1.8 million vehicles stays unchanged.”
The corporate slashed prices for a few of its Model 3 and Model Y vehicles within the U.S. on Oct. 6.
Tesla will report third-quarter earnings on Oct. 18.