Tesla Inc (NASDAQ:TSLA) made Model 3 and Model Y vehicles were placed among the top electric vehicles by sales in China in February, as per data released by China Passenger Car Association, CNBC reported Wednesday.
What Happened: The Model Y was the third best-selling electric car in February with 4,630 units sold, as per CPCA data.
The Model 3 ranked second in February. The top spot went to the Hong Guang Mini, a vehicle made by a joint venture between General Motors Compay (NYSE:GM) and state-owned SAIC Motor, reported CNBC.
Xpeng Inc (NYSE:XPEV) reported 2,223 deliveries in February, a 63% decline over January which it attributed to sluggish sales owing to the lunar new year.
Nio Inc (NYSE:NIO) delivered 707 vehicles in February, which is a 12.8% fall over the preceding month.
Why It Matters: Passenger car sales declined 45.5% in February compared with the preceding month, as per CPAC.
Tesla began selling the Model Y at the beginning of the year, but the robust demand for the vehicle means that orders are not expected to be filled till the second quarter of 2021.
See Also: Tesla Model Y Will 'Disrupt' The Chinese Auto Market — Here's Why
The Elon Musk-led company is facing stiff competition from budget EV makers such as Wuling, whose two-door Hong Guang Mini EV outsold the Model 3 by almost two-to-one in January.
See Also: Beyond Tesla And Nio — Companies Exploit China's Mass EV Potential
Price Action: Tesla shares closed nearly 0.8% lower at $668.06 on Wednesday and fell 0.52% in the after-hours session.
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