The new Tesla Model 3+ is on sale at a Tesla store in Hangzhou, Zhejiang province, in China, on Sept. 26, 2023.
Costfoto | Nurphoto | Getty Images
Tesla stock was down about 2% Monday morning but recovered later in the day as the rest of the market rallied. Shares took a small hit after a report published Sunday by the China Passenger Car Association said sales of the company’s China-made electric vehicles decreased 10.9% year over year for the month of September.
The report said the U.S. automaker sold 74,073 China-made EVs during the month. Sales for the Model 3 and Model Y vehicles made in China were down 12% from August to September. Tesla exports many of the cars it makes in China.
Tesla did not immediately respond to CNBC’s request for comment.
News of Tesla’s sales dip comes a week after the company announced third-quarter vehicle deliveries that came in below deliveries and production from the previous quarter.
“A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call,” the company said. “Our 2023 volume target of around 1.8 million vehicles remains unchanged.”
The company slashed prices for some of its Model 3 and Model Y vehicles in the U.S. on Oct. 6.
Tesla will report third-quarter earnings on Oct. 18.