Key Takeaways
- Tesla shares fell Monday after data from the China Passenger Car Association showed deliveries from its Shanghai Gigafactory at their lowest point in more than a year.
- The Chinese Lunar New Year celebrations in February hurt sales, along with increased domestic competition.
- Tesla continues to use price incentives to boost sales, but Chinese manufacturers such as Xpeng and BYD are matching the strategy.
Tesla Inc. (TSLA) shares fell more than 7% Monday after new sales data showed deliveries from its Shanghai Gigafactory at their lowest level in more than a year due to the recent Chinese Lunar New Year and domestic competition.
The automaker reportedly delivered 60,365 vehicles from its China factory in February, according to preliminary data from China’s Passenger Car Association (CPCA) on Monday. That marked the lowest level since December 2022 and was 19% lower year-on-year.
Vehicle sales are prone to a…
