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Tesla Sales in China Slump as Competition Intensifies



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Tesla sales in China, the world’s largest car market, rose in 2022 but slumped in December as domestic manufacturers gained ground, according to data published Thursday.The company sold around 56,000 cars in China last month, a decline of more than 20 percent from a year earlier, and nearly 45 percent from the previous month. For the full year, Tesla’s Chinese sales rose 50 percent, according to data published by the China Passenger Car Association.China accounts for roughly 40 percent of Tesla’s sales. Concern about the carmaker’s performance there has been a significant factor in the precipitous decline of Tesla shares. The company’s stock was down about 5 percent on Thursday morning.Tesla is facing increasingly stiff competition from Chinese automakers like BYD, which sells well-regarded cars at lower prices and is the No. 1 electric vehicle …

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