Tesla's March sales of China-made EVs increased 35% Y/Y - CPCA
Xiaolu Chu
Tesla (NASDAQ:TSLA) sold 88,869 China-made electric vehicles (EV) in March, according to data released by the China Passenger Car Association (CPCA) on Tuesday.
The company saw sales growth of 35% Y/Y and 19.4% from February sales of 74,402 units.
In comparison, XPeng (XPEV) reported 7K deliveries for March (-17% M/M), Li Auto (LI) delivered 20,823 units in March (+88.7% M/M), and Nio (NIO) came in with deliveries of 10,378 (+4% Y/Y, -14.6% M/M).
According to CPCA data, Chinese automaker BYD (OTCPK:BYDDF) led all brands in March electric vehicle sales in China with 206,089 electric vehicles, up 97.5% Y/Y.
On Sunday, Tesla (TSLA) reported record Q1 deliveries of 422,875 vehicles, exceeding the consensus expectation of 421.2K deliveries.
The company intends to release its first-quarter earnings results on April 19.
Looking longer-term, shares have lost around 49% past 12 months, but have bounced back with 80% gains so far in 2023.
Meanwhile, see why SA contributor Deep Tech Insights says, "Tesla is undervalued intrinsically."
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