Hyperdrive
Tesla’s Shrinking China Market Share Compounds Global Woes
- US carmaker’s share has fallen below 7% from 10.5% a year ago
- Tesla relies on just two models in highly competitive market
The global slowdown in electric vehicle demand that contributed to Tesla Inc.’s biggest-ever quarterly sales miss is hurting Elon Musk’s standing in China, the world’s biggest automotive market.
Confronted with unprecedented local competition and weakened consumer sentiment in Asia’s largest economy, Tesla’s market share shrank to around 6.7% for the quarter ended in December, from 10.5% in the first quarter of last year, according to Bloomberg calculations based on China’s Passenger Car Association data.