Tesla's Price Reductions Making Major Impact On Rivals In China via insideevs.com
all experienced a notable drop in monthly and year-over-year sales in January. While it's typically expected that an automaker will sell fewer cars in January than it did in December, these EV makers were likely expecting a sales increase when comparing January 2023 to January 2022. China-based analyst“Apparently, Tesla’s huge discounts [on its Model 3 and Model Y vehicles] siphoned off drivers’ buying interest in the Chinese-developed smart EVs.
Li Auto's sales were reportedly down 23% year over year, to around 15,000 copies sold in January 2023. Nio sold about 8,500 EVs for the month, down 12 percent from January 2022, and 46% from December 2022. However,Meanwhile, the week after Tesla's price cuts in China, the most appealing of which amounted to a 13.5% reduction, sales skyrocketed by a whopping 76%, according to China's Merchant Bank. The US EV maker sold over 12,000 units in a single week alone.
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