Tesla is expected to report one of its best quarters in China, according to the latest retail sales data. The company's growth pace, however, is yet to catch up with BYD, which outsold Tesla by more than five times in the January-February period
is poised to report one of its best quarters in China, the latest retail sales data showed, after becoming the first electric vehicle maker in the country to cut prices in a bid to defend its market share.
That was slightly higher than the 1,327 units it sold daily on average in the fourth quarter in China, when Tesla sold a total of 122,038 cars, its best quarter so far, the data showed.Bulwarked by its higher profits per car than other electric vehicle makers, the U.S. automaker slashed prices of its best-selling models by up to 13.5% in China in January, triggering a price war with BYD and several rivals following suit over the next two months.
The company is planning refreshed versions of Model 3 and Model Y in the next two years to tackle an ageing product mix that has hit itsto customers. It has also improved the suspension system in the Model Y made in China since January to make the ride smoother, an update Tesla fans lauded on social media.
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