Tesla's China Sales Plunge 24% in June, as Rival BYD Closes the Gap

Chinese electric vehicle maker BYD reported a 21% increase in quarterly EV sales compared to last year, closing the gap with Tesla. Tesla is expected to report its first back-to-back quarterly decline in vehicle deliveries on Tuesday, with estimates of a 6% drop in the second quarter. Tesla's sales in China fell over 24% in June compared to the same month last year, extending declines for three straight months. Price cuts and growing consumer demand for EVs and hybrids over gasoline vehicles have supported Chinese EV makers' performance. EVs and plug-in hybrids made up over 46% of total car sales in China in May, a new monthly high.