On Monday, Tesla stock was down roughly 2% at the open but eventually recovered along with the rest of the market. The stock price fell somewhat after the China Passenger Car Association reported on Sunday that sales of the company’s China-made electric vehicles fell 10.9% year over year in September.
The report stated that the U.S. carmaker sold 74,073 EVs manufactured in China during the month. Sales for the Model 3 and Model Y automobiles built in China were down 12% from August to September. Many of Tesla’s Chinese-made vehicles are sent overseas.
CNBC reached out to Tesla for comment, but the company did not immediately respond.
A week ago, Tesla reported lower-than-expected vehicle deliveries and production for the third quarter, so this news of a sales slump comes as something of a surprise.
“A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call,” according to the business. “Our 2023 volume target of around 1.8 million vehicles remains unchanged.”
On October 6th, the business offered price reductions in the United States on some Model 3 and Model Y models. On Oct. 18, Tesla will release financial results for the third quarter.
