Tesla Inc (TSLA.O) delivered 55,796 China-made electric vehicles last month, the lowest level in five months, based on data from the China Passenger Car Association (CPCA) on Thursday.
That was a 44% fall from November and 21% fewer compared to a year earlier as the U.S. automaker slashed output and reduced prices to deal with rising inventories amid softening demand.
It also marks the lowest monthly deliveries since July when most production at Tesla’s Shanghai factory was halted due to an upgrade to its production lines.
Tesla shares plunged almost 5% in morning trading on Thursday. The stock has shed more than 70% in value since its peak in November 2021.
For the whole of last year, the U.S. automaker delivered 50% more vehicles built in its Shanghai factory compared to the year earlier, the CPCA data showed.
Globally, the electric vehicle (EV) maker’s deliveries surged by 40% in 2022, falling short of CEO Elon Musk’s 50% annual target.
Tesla halted production at its Shanghai factory, its most productive manufacturing hub, from Dec. 24 to Jan. 2 as part of the output reduction efforts, Reuters reported previously.
Buy Bitcoin NowChinese rival BYD (002594.SZ) still outperformed all brands in China’s December EV sales with 234,598 electric cars including pure EVs and plug-in hybrids, more than four times Tesla’s sales in the same month, according to the CPCA data.
SAIC-GM-Wuling Automobile Co, the joint venture of General Motors in China making small budget EVs, also exceeded Tesla by 53%, according to the association.
