Tesla Inc. is experiencing a significant decline in vehicle shipments from its China factory, continuing a global sales slump. In May, the company shipped 61,662 vehicles, a 15% decrease compared to last year. While the overall market for new-energy vehicles in China is thrumming, with sales increasing by 38%, Tesla's numbers have not followed suit. The brand faces heightened competition from companies like BYD, which outsold Tesla in Europe for the first time, and CEO Elon Musk has acknowledged the need to refocus efforts on the automaker amid scrutiny over his political engagements.
Tesla's shipments from its Shanghai factory have continued to decline, with CEO Elon Musk acknowledging a need to improve focus on the company amid a global sales slump.
Despite the rise in sales of new-energy vehicles in China, Tesla's vehicle shipments have decreased for eight consecutive months, indicating pressure from emerging competitors.
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