Tesla loses ground in China EV race

Tesla’s mainland China sales fell 9.9% YoY in August to 57,152 units, extending a six-month decline. Its share of China’s EV market dropped to 4.4%, down from 16% in 2020. Local rivals like Xpeng, Xiaomi, and Leapmotor continue to gain ground with lower-cost, tech-focused models, despite Tesla’s recent price cuts and incentives.