By Michael Elkins
Data from the China Passenger Car Association (CPCA) showed on Friday that Tesla (NASDAQ:TSLA) sold 74,402 China-made electric vehicles (EV) in February, up 31.65% from a year earlier, and up 12.6% from January, when the U.S. electric car maker delivered 66,051 China-made Model 3 and Model Y electric cars.
Tesla's market share in China's new energy vehicle sector, which includes both pure electric and plug-in hybrid cars, slid to 9% (from 10% a year earlier) according to data from China Merchants Bank International.
Rival BYD (OTC:BYDDY) with its Dynasty and Ocean series of EVs and hybrids sold 191,664 vehicles last month. Increasing its market share from 27% to 37%.
As competition intensifies, Tesla aims to increase its exports and expand into new markets to digest output from its factory in Shanghai.
Shares of TSLA are down 1.53% in pre-market trading on Wednesday.