Last Update: May 31, 2023, 01:26 AM IST
Chinese State Councilor and Foreign Minister Qin Gang meets with Tesla Chief Executive Officer Elon Musk in Beijing, China (Image: Reuters)
Elon Musk visited China for the first time in three years on Tuesday and highlighted the importance of the world’s largest electricity market
China was the biggest market for Tesla’s Model Y electric sport utility vehicles, according to data from market research firm JATO, which helped it become the world’s best-selling vehicle in the first quarter of this year.
Elon Musk visited China on Tuesday for the first time in three years and highlighted the importance of the world’s largest electricity market.
According to statistics, Tesla sold 267,171 Model Ys in the first quarter of this year, of which 94,469 were sold in China, 83,664 in the United States, and more than 71,114 in Europe. Overall, the United States was the largest market for Tesla, which does not provide a regional analysis of its global sales.
According to the data, the Model Y ranks first in global sales, followed by the Toyota Corolla, Toyota Hilux, Toyota Rav4 and Toyota Camry. The Model Y is the only pure electric car on the list.
Musk recently told CNBC that rising tensions between China and the United States “should be of concern to everyone.” Tesla recently held talks with Indian officials about building a new factory in India.
JATO senior analyst Felipe Munoz expects the Model Y to be the world’s top-seller by the end of the year in 2023 as the price cut enables the model to access the benefits of public incentives for EVs.
More production from Tesla’s new plants in Texas and Berlin and easing of supply chain issues, as well as increased demand for EVs in developed economies, should boost Model Y sales, he said.
Unlike many automakers, Tesla has a limited number of models and their variants, which helped the Model Y to become its biggest seller.
Barclays analyst Dan Levy said that while there are concerns about Tesla’s reliance on just two models, the Model Y and Model 3, Tesla may need more models and variants to expand its market.
Tesla cut prices aggressively this year, according to Ford CEO Jim Farley, underscoring intense competition, especially in the SUV segment, where Tesla’s aging Model Y faces an array of new rivals. .
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – reuters,
