Electric Vehicle Market in China
China's electric vehicle market is expected to see slower growth in sales, impacting major players like Tesla and BYD. Sales of new-energy vehicles are projected to rise by 25 percent in 2024, lower than the 36 percent growth rate in the previous year. Tesla is losing market share in China due to intense price competition from local brands like BYD.
Key Points
- Tesla losing market share in China due to price competition
- China's EV market growth rate slowing down
- Tesla missed Wall Street forecasts for deliveries
Pros
- Projected rise in sales of new-energy vehicles in China
Cons
- Slower growth rate in electric car sales in China
- Intense price competition impacting Tesla's market share