Tesla stock dips after China EV sales fall 11%

The new Tesla Model 3+ is on sale at a Tesla retailer in Hangzhou, Zhejiang province, in China, on Sept. 26, 2023.

Costfoto | Nurphoto | Getty Images

Tesla stock dipped about 2% Monday after its sales of China-made electrical automobiles decreased 10.9% year over year for the month of September, in keeping with a report from the China Passenger Car Association revealed Sunday.

The report mentioned the U.S. automaker bought 74,073 China-made EVs through the month. Sales for the Model 3 and Model Y automobiles made in China have been down 12% from August to September. Tesla exports lots of the automobiles it makes in China.

Tesla didn’t instantly reply to CNBC’s request for remark.

News of Tesla’s sales dip comes per week after the corporate introduced third-quarter vehicle deliveries that got here in beneath deliveries and manufacturing from the earlier quarter.

“A sequential decline in volumes was brought on by deliberate downtimes for manufacturing facility upgrades, as mentioned on the latest earnings name,” the corporate mentioned. “Our 2023 quantity goal of round 1.8 million automobiles stays unchanged.”

The company slashed prices for a few of its Model 3 and Model Y automobiles within the U.S. on Oct. 6.

Tesla will report third-quarter earnings on Oct. 18.

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