Tesla Loses China Market Share As Affordable EV Models Gain Ground

Benzinga

Tesla’s China sales fell to a three-year low as competition from Xiaomi, Leapmotor, and Geely intensified amid a weaker economy. Xiaomi posted record EV sales, and Geely continued to dominate with ultra-low-cost models, while analysts kept a Hold rating on Tesla with downside risk. Musk still expects FSD approval in China by early 2026.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Tesla's China sales dropped to a three-year low in October as its market share fell from 8.7%

00:07in September to 3.2% according to tip ranks. Analysts said Tesla is losing ground due to

00:12a rise in competition, price cuts, and a softer economy. Giobe posted record October sales of

00:18its YU7 SUV and SU7 sedan, while its EV division turned a third-quarter profit after selling nearly

00:25109,000 vehicles. Leap Motors is expanding with lower-priced models and in-house production,

00:30and Geely is leading China's EV market with a sub-$10,000 hatchback. Tesla's Model Y still

00:36ranks 6 in sales, and Musk expects Chinese approval for full self-driving by early 2026.

00:42Analysts have a hold rating on Tesla based on 14 buys, 10 holds, and 10 sells in the past three

00:47months, with an average price target of $383.37. It applies a 7.7% downside risk.

00:55For all things money, visit Benzinga.com.

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