Tesla Inc. has seen a significant drop in its market share in China, now at 3.2%, ranking it eighth among EV manufacturers, largely due to aggressive competition from local companies. Market leader BYD dominates with 29.7% market share, and manufacturers like Xiaomi are entering the EV sector with massive demand for affordable vehicles. Tesla's troubles in China are compounded by weakening shares in Europe and the U.S., where competition from established automakers grows. To maintain global sales, Tesla must reclaim its position in the increasingly competitive Chinese market.
Tesla has fallen to eighth in China's EV market share and is facing intense competition from Chinese automakers and new entrants like Xiaomi.
Tesla's market struggles in China symbolize larger global challenges as its EV market share, historically strong, now faces significant pressure from competing brands.
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