Tesla sales in China have slumped – and it's faltering economy may not be the reason why, according to Bank of America.
That's because demand for Tesla rival BYD rose 4%, while Tesla deliveries dropped 31% month-over-month in July.
It suggests demand for Teslas in China is waning in the face of local competition.
In a recent note, the bank highlighted Tesla Model 3 and Model Y deliveries in China dropped by 31% month-over-month in July, while its largest EV competitor in China, BYD Auto, grew 4% month-over-month.
Tesla has repeatedly dropped prices of its vehicles over the past year, in a bid to undercut rivals and boost market share.
Persons:
BYD, TSLA, John Murphy, Tesla, Murphy
Organizations:
Bank of America, Service, EV, BYD, Beijing
Locations:
China, Wall, Silicon, BYD