Tesla Inc. (NASDAQ:TSLA) sales in the Chinese domestic market fell almost 10% in August amid lackluster global sales.
Tesla Sales Decline For The Sixth Time In 2025
Tesla recorded 57,152 units sold in China during August, a 9.93% decline from last year's 63,456 units in the same period, CnEVPost reported on Monday, citing data by the Chinese Passenger Car Association (CPCA).
The data suggests that this was the company's sixth YoY decline in the Chinese market, having experienced YoY growth in March and June. However, the sales are up almost 40% from July's 40,617 units, which could provide the EV giant some relief.
Tesla Model Y L Receives 120,000 Orders, Model 3 Long Range Gets Price Cut
The news comes as reports in the local Chinese media suggested that the company received over 120,000 orders of the new Model Y L SUV, which is a six-seater version of the Model Y. The company was averaging over 10,000 orders daily in China for the Model Y L.
Meanwhile, Tesla also announced a price cut for the Model 3 Long Range sedan, which now retails for $36,391, down 3.7% from its original price in the Chinese market.
Elon Musk's Pay Package, BYD Slashes Annual Sales Target
Tesla's board of directors also unveiled a new pay package for Musk, which could make the CEO the world's first trillionaire, laying out ambitious growth targets for Tesla in the future.
Meanwhile, Tesla's rival BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) also reportedly slashed its annual sales target by 16% to 4.6 million units. This comes after the company reported a 30% decline in profit at the second-quarter earnings call recently.
Tesla scores well on Momentum and Growth metrics, while offering satisfactory Quality, but poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Read Next:
Photo courtesy: Around the World Photos On Shutterstock.com
