Tesla shares were down around 2% on Monday morning, but recovered later in the day as the rest of the market rallied. The shares took a small hit after a report published on Sunday by the China Passenger Car Association said sales of the company’s China-made electric vehicles fell 10.9% year-on-year in September.
According to the report, the US automaker sold 74,073 China-made electric vehicles during the month. Sales of its China-made Model 3 and Model Y vehicles fell 12% from August to September. Tesla exports many of the cars it makes in China.
Tesla did not immediately respond to CNBC’s request for comment.
News of Tesla’s drop in sales comes a week after the company reported third-quarter vehicle deliveries that were below deliveries and production from the previous quarter.
“A sequential decline in volume was caused by planned downtime for factory upgrades, as discussed on the last earnings call,” the company said. “Our 2023 volume target of approximately 1.8 million vehicles remains unchanged.”
The company cut prices on some of its Model 3 and Model Y vehicles in the US on 6 October.
Tesla will report its third-quarter results on 18 October.
