Tesla deliveries of China-made vehicles slump in December
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Tesla (NASDAQ:TSLA) delivered 55,796 China-made electric vehicles in December, according to the China Passenger Car Association on Thursday. The tally marked a 44% month-over-month decline and 21% drop from the level of production a year ago. It was also the lowest level of production out of China for the EV giant since July.
The electric vehicle maker was expected to have a soft month after suspending production at the Shanghai Gigafactory on December 24 to make production line upgrades, as well as balance supply and demand.
By comparison, XPeng (XPEV) reported 11.3K deliveries for December (-29% Y/Y, +94% M/M), Li Auto (LI) disclosed a deliveries tally of 21,233 (+51% Y/Y, +41% M/M), and Nio (NIO) came in with deliveries of 15,815 (+51% Y/Y, +12% M/M). CPAC data showed that Chinese automaker BYD led all brands in China's December electric vehicle sales with 234,598 electric cars when both plug-in hybrids and pure EVs are counted together.
For the year, Tesla showed 50% deliveries growth in China in 2022 to match its multi-year overall deliveries growth target.
Shares of Tesla (TSLA) rose 0.45% in premarket action on Thursday after shedding more than 34% over the last six weeks.
Read why Tesla (TSLA) is considered a technical buy at the $100 level.