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Tesla Inc. (TSLA<\/a>, Financial<\/a>) announced a 4.3% year-over -year decline in November China-made EV sales to 78,856 units, as reported by CPCA. However, its Model 3 and Model Y vehicle sales increased by 15.5% compared to the previous month.<\/p>\n The Chinese competitor BYD also demonstrated the highest result. The number of new passenger cars increased 2.6 times year-on-year and amounted to 504,003 vehicles in November. Currently, BYD uses two separate brands, Dynasty and Ocean, for electric vehicles and plug-in hybrid vehicles.<\/p>\n To cope with this competitive challenge, Tesla has moved this year to extend the incentives offered to buyers in China and also provide 10,000($1,376) of financing rebate over Model Y loans and zero-interest loans for Model 3 and Model Y cars until December. This is the fifth time in a row that the lifting has been Extended since July.<\/p>\n As the competition heats up, led by BYD’s powering through with the cost-cutting strategy, Tesla’s China EV market share shrunk to 6% in October, as low as it can get in a year. The market share decline points to increasing headwinds for General Motors, the US automaker, in the world’s biggest electric vehicle market.<\/p>\n This article first appeared on GuruFocus<\/a>.
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