- Tesla China's January wholesale sales increased 9.32% year-on-year but fell 28.86% month-on-month.
- China's passenger NEV wholesale sales in January are estimated at 900,000 units, marking a 1% year-on-year increase but a 42% decline from December.
Tesla (NASDAQ: TSLA) saw year-on-year growth in China-made vehicle sales last month, despite a month-on-month decline like most other EV makers.
Tesla China's January wholesale sales totaled 69,129 vehicles, including both domestic sales and exports from China to overseas markets, according to data released today by the China Passenger Car Association (CPCA).
This represents a 9.32% increase from the 63,238 units sold in the same period last year, but a 28.86% decrease from December's 97,171 units.
The US EV maker's January deliveries in China and exports from its Shanghai factory are expected to be released by the CPCA later this month.
The beginning of the year is typically a slow season for China's auto market, while year-end usually sees a surge in sales.
Entering 2026, the EV industry faces added complexity as consumers grapple with a 5% additional purchase tax cost, while China's vehicle trade-in subsidies remain in a transitional phase, impacting demand.
China's January passenger new energy vehicle (NEV) wholesale volume is estimated at 900,000 units, marking a 1% year-on-year increase but a 42% decline from December, according to CPCA.
China's NEV leader BYD (HKG: 1211, OTCMKTS: BYDDY) sold 210,051 NEVs in January, down 30.11% year-on-year and down 50.04% month-on-month, according to data released on February 1.
To counter January's weakness, Tesla launched an unprecedented low-interest financing plan in China on January 6, offering up to 7-year terms for all locally produced vehicles — becoming the first automaker to provide such extended financing in the market.
Multiple other EV players, including Xiaomi (HKG: 1810, OTCMKTS: XIACY), Li Auto (NASDAQ: LI, HKG: 2015), Xpeng (NYSE: XPEV, HKG: 9868), and Nio Inc (NYSE: NIO, HKG: 9866), subsequently followed Tesla's lead.
On January 26, Tesla ramped up its promotions in China by reintroducing insurance subsidies for the Model 3 electric sedan.
