Tesla (TSLA) sold 74,402 China-made EVs in February

According to China Passenger Car Association (CPCA) data released on Friday, electric vehicle maker, Tesla (NASDAQ: TSLA) sold 74,402 China-made electric vehicles (EV) in February, up 31.65% from a year earlier and 12.6% QoQ.

Tesla had planned to run its Shanghai plant at an average weekly output rate of 20,000 units in February and March after price cuts it made in early January stoked demand. However, the latest weekly data showed that the carmaker’s Chinese retail sales were still running short of the pace seen in the fourth quarter, indicating the bump from discounted prices in its biggest overseas market is fading.

Tesla's market share in China's new energy vehicle sector, which includes both pure electric and plug-in hybrid cars, slid to 9% in February from 10% a year earlier, according to data from China Merchants Bank International.

Rival BYD sold 191,664 vehicles last month, CPCA data showed. The rival’s market share also increased to 37% from 27%.

As competition grows, Tesla aims to increase its exports and expand into new markets to utilize its output from the factory in Shanghai. The company has started delivering cars to Thailand and set up its first Supercharger station in there in February.

Shares of TSLA are up 1.81% in pre-market trading on Friday.

By Michael Elkins | [email protected]

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