The sharp drop for Tesla comes as sales of new energy vehicles in China more than doubled, as the world’s largest car market aggressively promotes switching to electric.
“With each of the Fremont and Shanghai factories achieving their highest-ever production months and new factory growth, we are focused on a record-breaking second half of 2022,” Tesla said.
EV sales surge in China
While Tesla sales slumped in July, Chinese EV and battery maker BYD reclaimed the top spot, selling 80,991 pure electric vehicles, up 16% from June.
The country’s overall retail sales of new energy vehicles — including both electric vehicles and plug-in hybrids — increased 117% in July from the same period a year ago, thanks to government’s incentives, a recovery in supply chains, and rising EV demand because of higher oil prices, the CPCA said Tuesday.
China has aggressively pushed the development of EVs in recent years, giving out cash subsidies to automakers to encourage production.
The CPCA said on Tuesday that China’s new energy car sales for 2022 could reach 6 million units, up from its previous estimate of 5.5 million vehicles. The new number would represent a 70% increase from last year.
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