Newly released data from the China Passenger Car Association (CPCA) shows that electric automaker, Tesla, Inc. (NASDAQ:TSLA) delivered 77,695 China-made electric vehicles (EV) in May. This marks a 142% increase when compared to the same month in 2022, when production was affected by COVID-19 containment measures in Shanghai.
Rival Chinese automaker BYD Co. Ltd. (SZ:002594), with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, logged sales of 239,092 vehicles in May, up 14% from April, CPCA data showed.
CPCA is scheduled to release more detailed car sales figures for May later this month.
Tesla CEO Elon Musk wrapped up a two-day trip to China on Thursday, which included meetings with Chinese Vice Premier Ding Xuexiang in Beijing. This was Musk's first visit to China in three years and comes at a time when the company is facing fierce competition from Chinese-made EV manufacturers and uncertainty about expanding its Shanghai plant.
Musk also paid a visit to Tesla's Shanghai factory late on Wednesday and had a meeting with Chen Jining, the ruling party's Shanghai secretary, on Thursday. According to a statement from the municipal government, Chen warmly welcomed Tesla and encouraged them to invest more and expand their business in the city.
Shares of TSLA are up 1.43% in pre-market trading on Thursday.