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Tesla's sales of China-made vehicles fell by 11.5% in March, totaling 78,828 cars, despite a 157% increase from February. Local rivals BYD and Geely outpaced Tesla, with sales rising by 23% and 167%, respectively. The company also faces challenges from US-China trade tensions and a 3.04% drop in stock price, marking its worst quarterly performance since 2022.
Tesla reported its lowest quarterly deliveries in over two years, with 336,681 units sold, as CEO Elon Musk's political involvement sparked backlash. Sales fell significantly in Europe and China, with European deliveries down 49% year-over-year, while competition from local brands in China intensified. Despite the challenges, Tesla hopes that the refreshed Model Y and potential new models will help revive sales.
China's passenger NEV wholesale sales reached 1.14 million units in March, marking a 37% increase from February and contributing to a total of 2.86 million units in the first quarter, up 43% year-on-year. Major manufacturers like BYD, Geely, and Tesla led the sales, with BYD alone selling 377,420 NEVs. The market rebounded post-Chinese New Year, supported by consumption-boosting policies and active auto shows.
Huawei is set to launch an ultra-fast charging system capable of 1,500 kW, significantly outpacing recent advancements by BYD and Tesla. This technology aims to enhance energy efficiency for commercial vehicles, allowing a 400 kWh battery to charge fully in just 20 minutes. The move reflects a growing trend among Chinese tech and auto companies to accelerate electric vehicle adoption through improved charging infrastructure.
The US and China are in a fierce competition to lead in humanoid robotics, with Tesla's Optimus project aiming for 5,000 units by 2025, while China's Agibot and Unitree Robotics have set the same target. Unitree's G1 humanoid, priced at $16,000, undercuts Tesla's estimated $20,000 for the Optimus Gen2. China's rapid advancements are highlighted by 5,688 humanoid robot patents filed in five years, significantly outpacing the US's 1,483, bolstered by government support and integration into factories by major companies.
Tesla's sales in Europe plummeted nearly 45% last month, with fewer than 16,000 vehicles sold, marking the lowest market share in February for five years. This decline is attributed to Elon Musk's controversial political involvement and the ongoing transition of the Model Y. In contrast, competitors like Volkswagen and BYD saw significant sales increases, highlighting Tesla's vulnerability amid rising competition in the electric vehicle market.
Lotus Cars has appointed Peiji Qin as the new president of its China operations, effective March 12, reporting directly to CEO Feng Qingfeng. Former president Mao Jingbo has transitioned to global chief sales officer, focusing on global production and marketing integration. Qin, with over 15 years in the Geely ecosystem, aims to strengthen Lotus' presence in China as part of the company's global expansion strategy.
In February, BYD led China's NEV market with a 29.2% share and 205,711 sales, while Geely and Changan followed with 13.2% and 6.3%, respectively. Tesla ranked 7th with a 3.8% share, and Xiaomi EV debuted at 9th with 3.4%. Overall, BYD also topped the passenger car market with a 14.6% share.
Xpeng Motors is ramping up its delivery efforts and plans to partner with Huawei to enhance its autonomous driving capabilities, following BYD's recent launch of 21 redesigned models with advanced driver-assistance systems at competitive prices. Xpeng's CEO announced that deliveries of the MONA M03 Max will begin in May, offering top-tier intelligent driving features in the sub-RMB 150,000 segment. Meanwhile, other automakers like Changan and Geely are also responding to BYD's advancements in self-driving technology.
The HSI fell 327 points (1.6%) to 19,778, while the HSTI dropped 112 points (2.4%) to 4,581, amid a market turnover of $135.32 billion. Notable declines included MEITUAN and BABA, both down over 3%, while HSBC HOLDINGS and FIT HON TENG reached new highs.
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