Tesla, once a dominant force in the Chinese electric vehicle market, is facing intensified competition from local manufacturers such as BYD and Xiaomi. Recent buyer preference shifts, showcased by Liu Jie opting for a Xiaomi sports sedan over Tesla, reflect this change. Consumers find local brands more fashionable and technologically advanced, often at more competitive prices. Despite Tesla's continued brand esteem and Elon Musk's popularity, the company's sales in China have dropped, highlighting the challenges it faces in an increasingly saturated market.
Xiaomi is more fashionable, Ms. Liu said last week in Beijing. Tesla, for me, it's a little bit normal. You can see the Tesla Model Y everywhere. It's not personal, buyers said.
Tesla is still considered a top brand, and Elon Musk, Tesla's chief executive, is admired in China. Beijing rolled out the red carpet when he broke ground on the company's first overseas factory in Shanghai.
Chinese drivers that once flocked to Tesla are turning more and more to local brands that offer more efficient cars with better technology, sometimes at half the price.
Tesla's biggest rival, the electric car giant BYD, sold 481,318 cars in the first two months of this year, over three quarters more than it did over the same period last year.
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