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Tesla’s China EV Sales Plummet Amid Local Competition and Price Wars

Tesla’s China EV Sales Plummet Amid Local Competition and Price Wars

Author:

Global Cryptocurrency

Published:

2025-11-24 16:09:21

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BTCCSquare news:

Tesla's China sales cratered to a three-year low in October, with just 26,006 vehicles sold—a collapse that slashed its market share from 8.7% to 3.2%. The decline reflects brutal competition from domestic rivals like Nio and Li Auto, compounded by a relentless price war and softening economic conditions.

Xiaomi’s surprise entry into the premium EV market has further disrupted Tesla’s dominance. Its YU7 SUV and SU7 sedan notched record sales despite safety controversies, while Leapmotor’s budget C10 SUV—priced at half the cost of a Model Y—gains traction. Geely’s sub-$10,000 Geome Xingyuan underscores a broader shift toward affordability among Chinese consumers.

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