Tesla Sales Drop 11.5% in January 2025, Lagging Behind Chinese Rivals

According to CNBC International, Sunday (Feb 9, 2025), Tesla reported 63,238 electric vehicle sales in January 2025, marking an 11.5% decline compared to 71,447 units sold in the same period last year.

Meanwhile, Chinese competitor BYD recorded 296,446 electric and plug-in hybrid vehicle sales last month, a 47% annual increase. Other Chinese automakers, including Changan Automobile and Xpeng, also reported sales growth.

Tesla has attempted to maintain its market share in China by implementing price cuts. At the end of 2024, the company lowered the price of the Model Y and extended a five-year interest-free loan plan until the end of January.

Additionally, Tesla introduced a new version of the Model Y, one of its best-selling EVs in China, which also comes with a 0% interest financing plan.

So far, Tesla has not launched a new vehicle model since the release of the Cybertruck in late 2023, which debuted at a price starting from $80,000. Investors have been eagerly anticipating a new mass-market model to rejuvenate Tesla’s sales.

Tesla has stated that this affordable model could be launched in the first half of 2025.

Meanwhile, the company is working on introducing its "Full Self Driving" driver assistance system in China this year, following competitors that have launched similar features.

Tesla’s Q3 2024 Profit Rises 17.3%

Previously, Tesla reported a 17.3% increase in net profit for Q3 2024 compared to the same period last year, driven by stronger EV sales.

CEO Elon Musk remains optimistic, predicting sales growth of 20% to 30% in 2025.

This strong performance marks a turnaround for the Austin, Texas-based company, which faced declining sales and profits in the first two quarters of 2024.

In a letter to investors, Tesla projected moderate growth in vehicle deliveries this year, aiming to surpass the 1.8 million units delivered globally in 2023.

According to ABC News, Tesla reported a $2.17 billion profit from July to September 2024, exceeding the $1.85 billion profit recorded in the same period in 2023.

This profit growth was achieved despite price cuts and low-interest financing options, which helped boost sales of Tesla’s aging vehicle lineup. It marked Tesla’s first year-over-year quarterly profit increase in 2024, after previous declines in both sales and prices.

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