Tesla's China made Oct deliveries down 5.3%

Investing.com -- Tesla’s China-made electric vehicle sales fell 5.3% year-on-year in October, with the U.S. automaker delivering 68,280 units, according to data from the China Passenger Car Association (CPCA).

It was revealed Monday that sales of Tesla (NASDAQ:TSLA )'s China-manufactured Model 3 and Model Y vehicles also declined, dropping 22.7% compared to September.

Tesla’s October dip contrasts with the momentum of Chinese competitor BYD (SZ:002594 ), which achieved a record-breaking month.

The data shows that BYD reported a 66.2% year-on-year increase in passenger vehicle sales in October, reaching 500,526 units across its Dynasty and Ocean series of EVs and plug-in hybrids.

While Tesla continues to lead in EV shipments, BYD has outpaced the U.S. automaker in overall revenue within the Chinese market.

Tesla has been implementing strategies to bolster sales in China, including extending a zero-interest financing offer on select Model 3 and Model Y vehicles until the end of November.

Initially introduced in July, this financing option aims to drive demand amid stiff competition from local brands.

In its recent earnings report, Tesla outperformed market expectations for the third quarter, bolstered by cost-cutting measures such as layoffs earlier in the year.

The electric vehicle giant reported Q3 EPS of $0.72, $0.12 better than the analyst estimate of $0.60, while revenue for the quarter came in at $25.18 billion versus the consensus estimate of $25.4 billion.

Following the report, analysts at BCA Research said the "Tesla magic is back," with the company never failing to surprise investors.

Source: Investing.com