- Tesla‘s retail sales in China plunged to 18,485 vehicles in January, their lowest monthly figure since November 2022 according to a report by the CNEVPost.
- Exports from its Shanghai factory surged 71% year-over-year to 50,644 vehicles, pushing total wholesale volume up 9.3%.
- Model Y sales led wholesale volumes at 38,916 units, while Model 3 volumes totaled 30,213 units for the month.
- The broader new energy vehicle (NEV) market in China cooled, with retail sales falling 20% amid policy changes.
- Retail sentiment on the stock remained ‘bullish’ despite mixed commentary from users.
In early February 2026, electric vehicle giant Tesla faced a sharp domestic sales decline in China, its crucial growth market. Data from the China Passenger Car Association (CPCA) revealed retail sales of just 18,485 vehicles for January, a drop of over 80% from the previous month. However, this weakness was partially offset by a significant surge in exports from the company’s Shanghai manufacturing plant. Shipments abroad jumped 71% from a year earlier to reach 50,644 vehicles.
Consequently, Tesla’s total wholesale volume for January still grew 9.3% year-over-year to 69,129 units. The Model Y led with 38,916 wholesale sales, while Model 3 volumes totaled 30,213 units. Meanwhile, challenging conditions persisted across China’s new energy vehicle sector. Broader NEV retail sales fell 20% to 596,000 units, with battery electric vehicle sales declining 17%.
Policy changes like a new purchase tax and reduced subsidies further cooled consumer interest. Tesla also registered sales declines in key international markets, including France and Norway. Retail sentiment on the stock remained in ‘bullish’ territory, with users expressing mixed price targets. Tesla shares were up 0.7% in pre-market trading following the report but have shed around 6% year-to-date.
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