On Monday, China Passenger Car Association (CPCA) data shows that auto manufacturers from the USA $Tesla (TSLA.US)$ delivered 68,280 electric cars produced in China in October, a year-on-year decrease of 5.3% and a significant month-on-month decline of 22.7%. Among them, domestic sales exceeded 40,000 vehicles, an increase of 41% year-on-year. In October, the domestic sales of Model Y exceeded 36,000 vehicles; the total domestic sales this year exceeded 373,000 vehicles.

Tesla must sell a record number of electric vehicles globally in the last three months of 2024 (at least 0.515 million vehicles) to achieve its expected 'slight growth' in annual sales (last year's delivery volume was 1.81 million vehicles). In the third quarter, China accounted for more than half of Tesla's global delivery volume.

Chinese competitor BYD, with its Dynasty and Ocean series electric vehicles and plug-in hybrid cars, once again set a monthly sales record. Last month, passenger vehicle sales increased by 66.2% year-on-year to 500,526 vehicles. BYD's documents show that its overseas shipments account for 6% of total sales.

Tesla's third-quarter financial report shows that against the backdrop of intensified competition in the electric vehicle market, quarterly profits exceeded expectations. After the financial report was released, Tesla's stock price surged by nearly 22%, marking its best single-day performance since 2013.

Previously, the company had gone through layoffs in the second quarter. In addition, due to promotional activities, the company announced its first annual growth in delivery volume for the third quarter of this year. In the previous quarter, Tesla's electric vehicle shipments still exceeded BYD's, but it was outperformed in terms of revenue.

In late October, Tesla extended its zero-interest financing plan introduced in China in July for select Model 3 and Model Y vehicles for an additional month until the end of November.

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