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Report
Tesla sales slumped 11.5% in China in January
The Street
Follow
2/7/2025
TheStreet’s Conway Gittens brings you the biggest news of the day, including the toll the California wildfires are taking on insurance companies.
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Sports
Transcript
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00:00
A sales slump at Tesla has extended into the new year.
00:04
In China, sales were down 11.5% in January.
00:07
Tesla isn't keeping up with fierce homegrown competition.
00:11
For example, during the same period,
00:13
Chinese automaker BYD saw its sales surge 47%.
00:18
Elon Musk's attempts to revive lagging sales
00:20
in that key market don't appear to be working.
00:24
Tesla has cut prices on the Model Y
00:26
and kept a five-year interest-free loan program
00:28
in place until the end of January.
00:31
It also revamped the Model Y
00:33
specifically for the Chinese market,
00:35
but to little success.
00:37
The slump, however, is not limited to China.
00:40
Global sales were down for all of 2024,
00:44
and the trend continues across Europe.
00:46
Sales in January tumbled 59% in Germany,
00:50
63% in France, and 12% in Britain.
00:54
Musk has used his position as the world's richest man
00:57
to voice controversial political opinions
00:59
that are turning off car buyers.
01:02
His close association with President Trump
01:04
and his inclusion in US government affairs
01:06
is further alienating buyers across major Western nations.
01:11
But it's not just Musk's political leanings
01:13
that are a problem.
01:14
Tesla has yet to produce an affordable mass-market EV.
01:18
Analysts believe that is the key
01:21
to any possible sales revival for Tesla.
01:25
Turning now to market news this Friday,
01:27
there's a mildly negative tone to the stock market
01:30
after the January jobs report.
01:32
The US economy added fewer jobs than expected,
01:34
but the December number was revised sharply higher.
01:38
The unemployment rate fell to 4%.
01:40
Meanwhile, wages jumped 4.1% from the same time last year.
01:45
The report gives the Federal Reserve more breathing room
01:48
before it has to decide what to do next with interest rates.
01:52
That'll do it for your daily briefing
01:54
from the New York Stock Exchange.
01:56
I'm Conway Gittins with The Street.
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