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Tesla, Inc.’s (NASDAQ:TSLA) Model Y reportedly ranks highly in China despite facing increasing competitors in recent years.
From January to July 2024, the Model Y achieved wholesale sales of 298,384 units in China, making it the top-selling battery electric vehicle (BEV) model.
However, this figure represents a 17% decrease compared to last year, reported CnEV Post, citing a ranking released by Cui Dongshu, secretary-general of the China Passenger Car Association.
The BYD (OTC:BYDDY) Seagull is rapidly closing the gap with the Tesla crossover’s dominance in the BEV segment, though it is priced significantly lower.
According to data from CnEVPost, deliveries of the Model Y in China totaled 244,116 units from January to July this year, representing 81.81% of the model’s wholesale sales.
The BYD Seagull recorded wholesale sales of 227,293 units in China from January to July 2024, securing the second spot in BEV wholesale sales.
In contrast, the Tesla Model Y is positioned as a premium model in China, available in three variants with starting prices of RMB 249,900 ($34,800), RMB 290,900, and RMB 354,900, respectively.
The BYD Seagull, a budget-friendly compact SUV, is available in China in three variants with starting prices of RMB 69,800, RMB 75,800, and RMB 85,800.
The Tesla Model 3 sedan secured the third spot among the top-selling BEVs by wholesale from January to July, with 202,356 units sold.
BYD models dominated the fourth to seventh positions, with the Yuan, Song, Dolphin, and Qin achieving wholesale sales of 151,815 units, 102,471 units, 97,628 units, and 91,280 units, respectively, during the same period.
Price Action: TSLA shares are trading lower by 0.20% to $197.10 premarket at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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