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Tesla Inc.'s (NASDAQ:TSLA) momentum in the Chinese market stalled in the month of October as sales fell despite a strong September performance, which saw the company's second-highest monthly sales tally this year.
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The company's Gigafactory in Shanghai sold over 61,497 units of the Model Y and Model 3, including exports, in October, according to data released by the China Passenger Car Association on Tuesday.
The figure illustrates a 9.9% YoY decline from 2024. The Gigafactory Shanghai's exports to markets like India, where the company sells the Model Y, and other places, also fell 32.3% MoM, the data showed.
The news comes despite a positive start of the month for Elon Musk's EV giant, which saw a 33% YoY jump in sales during the first week of October as Tesla recorded over 11.3K new insured registrations in China.
Meanwhile, the Tesla Model Y became the best-selling vehicle in the European market during September, selling 25,938 units in the region. Despite this, Tesla's sales declined 10.5% in Europe, according to sales data. Tesla also recorded a 25% decline in sales in Italy.
Elsewhere, Tesla has also kicked off production for the affordable Model Y Standard trim at the automaker's Gigafactory in Berlin, with the launch of the product imminent in the European market.
Tesla scores well on Momentum and Quality metrics, while offering satisfactory Growth, but poor Value. Tesla also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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