EV giant, Tesla’s (NASDAQ: TSLA) sales of electric vehicles made in China went up by 9.3% year-over-year to 84,159 vehicles, according to data from the China Passenger Car Association (CPCA). The data indicated that Tesla’s sales of its Model 3 and Model Y cars manufactured in China increased by 30.9% month-over-month.
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Tesla’s market share in China has come under pressure from local Chinese players like BYD (BYDDY). The company has been on a price-slashing spree in China twice in three days in August and announced additional price cuts on Friday. In addition, the company also unveiled an upgraded version of its Model 3 in China on Friday.
Meanwhile, Tesla’s close competitor in China, BYD, reported stellar delivery numbers in the month of August.
Analysts remain sidelined about TSLA stock with a Hold consensus rating based on 12 Buys, 13 Holds, and five Sells.