Tesla's China Sales Rise to Record High in 2024, Bucking Global Decline

EV maker still narrowly ahead of rival BYD with annual global sales of 1.79 million cars

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US electric vehicle (EV) maker Tesla said on Jan 3 its sales in China rose 8.8 per cent to a record high of more than 657,000 cars in 2024, a strong performance in a competitive market in a year when its annual global deliveries fell for the first time.

Tesla's sales in the world's largest car market also increased 12.8 per cent in December from a month earlier to a record high of 83,000 units, according to Tesla China.

In 2024, Tesla delivered 36.7 per cent of its cars to customers in China, its second-largest market, based on the sales figures.

But global deliveries slid 1.1 per cent, missing chief executive Elon Musk's earlier prediction of slight growth from promotions including zero interest financing.

Instead, reduced European subsidies, a US shift towards lower-priced hybrid vehicles and tougher global competition, especially from China's BYD, were a drag on sales.

Wall Street, however, expects demand to pick up in 2025 as the US Federal Reserve cuts interest rates.

With 2024 global sales of 1.79 million cars, Tesla was still narrowly ahead of BYD, whose EV sales grew 12.1 per cent to 1.76 million globally.