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Tesla China Model 3 cars are seen during a delivery event at its factory in Shanghai, China, January 7, 2020.
on the song | Reuters
BEIJING – Tesla’s sales in China rose in May from the previous month, but failed to regain levels seen in March, according to the China Passenger Car Association.
Data released late Tuesday showed that Tesla sold 33,463 electric vehicles in May, up 29% from 25,845 units in April. The number is still lower than March’s sales of 35,478 vehicles.
The rebound in sales comes despite mounting negative press and regulatory scrutiny on Tesla over customer reports of brake failures. The auto industry has also cut production due to a global shortage of chips.
Tesla shares were down 0.25% in the New York overnight trading session. The stock is down just over 14% for the year so far.
Passenger Automobile Association data showed that in May, Tesla shipped 11,527 cars from its Shanghai plant, down from 14,174 cars reported for the month of April. Figures for March were not available.
The association said overall sales of pure electric vehicles more than doubled from last year, up 186% to 162,000 units in May. Some in China’s auto industry have questioned the accuracy of the union’s numbers.
While Tesla cars rank among the top 10 new energy vehicles sold in China, the report said local startups like Nio performed well in May. New energy vehicles include hybrid-powered vehicles.
Volkswagen accounts for roughly half or 48% of new energy vehicle sales from prevalent joint ventures with foreign brands, the report said.
However, the report said that luxury electric cars from Mercedes-Benz, BMW and Audi have not yet seen a significant increase in customer purchases.
Read more about electric cars from CNBC Pro.
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