Tesla Inc. achieved a major milestone in China in 2024, setting a new sales record by delivering over 657,000 vehicles, marking an 8.8% increase from the previous year.
This impressive performance underscores the importance of China in Tesla’s global strategy, as it now makes up 36.7% of the company’s total sales worldwide. Despite this success in China, Tesla faced challenges on a global scale.
Overall, the company’s global vehicle deliveries dropped by 1.1% from the previous year, totaling 1.79 million vehicles. This was the first time Tesla experienced a global sales decline.
In December, Tesla’s sales in China saw a further boost, growing by 12.8%, with 83,000 vehicles delivered. However, the company is not without its challenges in the Chinese market, where it faces stiff competition from local electric vehicle (EV) manufacturers like BYD, which has been growing rapidly in global EV sales.
To stay competitive, Tesla has introduced several incentives to maintain its market share. These include offering discounts on vehicles and zero-interest financing options, aiming to attract more customers in a market that is becoming increasingly competitive.
The company’s ability to respond to market conditions with such strategies is crucial for maintaining its position as a leader in the growing electric vehicle industry.
Despite the global sales dip, Tesla’s performance in China shows that the company remains a key player in the global EV market, with its focus on China continuing to drive a significant portion of its success.
