“As long as you offer a product with value at an affordable price, you don’t have to worry about demand,” Zhu said during the Q&A portion of the event late Wednesday evening. Tom Zhu, Tesla’s head of global manufacturing (and likely heir apparent to CEO Elon Musk), addressed concerns about demand in China earlier this week at Tesla’s Investor Day.
Meanwhile, Tesla’s share of the new energy market in China slipped to 9% from 10% while BYD’s share rose to 37% from 27%, according to the CPCA. The stock outpaced the S&P 500's daily gain of 0.24. BYD’s new energy vehicle sales jumped by over 100% to 193,655. Tesla (TSLA) closed at 221.31 in the latest trading session, marking a +1.7 move from the prior day. Recent price cuts in January of the Chinese-made Model 3 and the Model Y - which were cut by 13.5% and 10%, respectively - are clearly giving Tesla a boost in the region, despite competitors like BYD outselling them in February. electric vehicle (EV) maker in Beijing, China February 4, 2023. A visitor checks a Tesla Model 3 car at a showroom of the U.S.
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