The Strategist

Tesla sales in China hit record

12/10/2020 - 04:03

The Chinese have been buying cars for the fifth consecutive month, including a particularly strong increase in demand for electric cars from the American Tesla group owned by Elon Musk, Bloomberg reports.

Retail sales of passenger cars and SUVs in China increased by 7.8% compared to 2019. In November alone, the country’s residents bought up 2.11 million cars.

Wholesale sales of electric cars doubled to 169,000 units. Tesla - in first place in the segment - has sold 21,604 electric cars. This was a record figure for the brand.

It is noted that the share of Tesla has been steadily increasing in China since the country began selling locally produced sedans about a year ago. However, competition in the premium segment of electric cars in China is only increasing. The main competitors, Nio and Xpeng Inc., are attracting incresingly more car owners.

A survey conducted by the agency shows that more than half of Chinese consumers who want to buy a new car would rather own an electric car. Experts base their forecast on this: this segment of the market will only grow in 2021.