Tesla’s China deliveries fall in October from a record high

TESLA China deliveries fell in October after reaching a record high in September, underscoring the automaker’s recent price cut to boost sales.

Elon Musk’s electric car pioneer shipped 71,704 cars from its Shanghai plant, according to a statement from China’s Passenger Car Association (PCA) published on Friday (Oct 28). That’s up from a year ago, but down from a record high of 83,135 reached in September.

Total wholesale of new energy vehicles, which includes plug-in hybrids and pure battery electric cars, soared 87 per cent from a year earlier to 680,000 units, according to preliminary figures from the PCA. Shenzhen-based BYD remained the top seller, with deliveries of 217,518 in October.

Tesla last month cut prices across its lineup in China, where competitive and economic pressures are intensifying. The reductions partly reversed several hikes by Tesla earlier this year and are expected to help win more customers after the Shanghai factory doubled its annual production capacity to about 1 million cars. BLOOMBERG