Tesla’s China-made EV sales drop 4.3% in Nov

BEIJING (Reuters) -U.S. automaker Tesla (NASDAQ:TSLA)’s’s sales of China-made electric vehicles fell 4.3% year-on-year to 78,856 in November, data from the China Passenger Car Association (CPCA) showed on Tuesday.

Deliveries of China-made Model 3 and Model Y vehicles recorded a 15.5% increase from the previous month.

Chinese rival BYD (SZ:002594), with its Dynasty and Ocean lineups of EVs and plug-in hybrids, hit yet another monthly record high with passenger vehicle sales up 67.2% year-on-year to 504,003 units last month.

Overseas shipments made up 6.1% of the total sales, per a company filing.

Tesla has ramped up China incentives at the year end with a time-limited 10,000 yuan ($1,375.89) discount on outstanding loans for its best-selling Model Y, as it lost ground amid a BYD-led cost-cutting competition.

The U.S. carmaker extended zero-interest financing of up to five years for some Model 3 and Model Y cars in China by another month to end-December, the fifth such extension since it rolled out the scheme in July.

Tesla’s share of the world’s largest EV market shrank to 6% in sales terms in October, nearly half the September level and the lowest in a year, according to Reuters’ calculations based on CPCA numbers.