Tesla Inc.'s (NASDAQ:TSLA) six-seater Model Y L is reportedly sold out in the Chinese market amid the company's poor sales in multiple regions.
Model Y L's Strong China Performance
According to the official Tesla China website on Wednesday, deliveries for the Model Y L won't take place until November 2025, indicating that the EV giant has run out of Model Y L units for the rest of September as well as the entirety of October.
The news comes as it was reported that the Model Y L had received over 120,000 orders in China since its launch, with local sales officials saying that it was averaging 10,000 orders a day.
Source: Tesla China (Originally in Chinese)
Model 3 Price Cuts, Tesla China Sales
Meanwhile, Tesla also announced a 3.7% price cut for the Model 3 Long Range sedan in China. The EV, available for more $36,000 in the Chinese market, offers almost 500 miles of range on a single charge and faces stiff competition from Xpeng Inc.'s (NYSE:XPEV) P7 sedan launched for $30,000.
Tesla's performance in China could also provide the company with some relief despite sales woes, as Elon Musk's EV giant recorded 14.3k new insured registrations in China, a 41% growth over the previous quarter.
Tesla's U.S. Market Share Falls, BYD Renews India Push
Elsewhere, Tesla's U.S. market share fell below 40% for the first time since October 2017, with the automaker capturing over 38% of the U.S. EV sector despite the segment experiencing record growth, largely driven by the ending of IRA incentives.
The company's rival BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF), on the other hand, has renewed its push in the Indian market, where Tesla recorded slower-than-expected growth, accumulating 600 orders for the $70,000 Model Y, the company's sole offering in the region.
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