Tesla's Oct China-made EV sales fall 2.6% from Sept

International Business News: Tesla Inc on Sunday said it delivered a record number of vehicles in the second quarter, topping market estimates as price cuts and US federal credits.

International Business News: Tesla's third-quarter deliveries fell short of market estimates due to production constraints caused by planned factory shutdowns. The automaker deliv

Sales of cars, sedans, and utility vehicles in the local market reached over 300,000 units for the sixth consecutive month, with a growth rate of 1.9% in June. Industry estimates indicate that around 327,700 units were sold last month, contributing to the record-breaking sales of over 2 million passenger vehicles in the first half of the year. Maruti Suzuki reported an 8.4% increase in wholesale volumes, while Hyundai experienced a 2% growth in sales.

Last quarter, BYD came remarkably close to surpassing Tesla in sales figures, largely due to factory downtime that led to Tesla's first delivery decline in over a year. In the three months ending on September 30, BYD successfully sold 431,603 fully-electric vehicles, marking a 23% increase from the previous quarter. In comparison, Tesla shipped 435,059 cars worldwide during the same period, with a mere 3,456-vehicle gap between the two, the closest margin to date.

The pandemic depressed the passenger vehicle market across the world. India emerged as the fastest-growing automobile market for a key reason. Semiconductor chips, important components for cars, went scarce due to the pandemic disrupting supply chains. And when the pandemic effect started waning, there was a big scramble for those chips. India was able to produce cars faster than other major markets because its cars have fewer chips.

According to industry estimates, about 335,354 cars, sedans and utility vehicles were dispatched from factories to dealerships last month, an increase of 3.9% over 322,600 units sold in the same period last year. Industry numbers were supported by market leaders Maruti Suzuki and Hyundai Motor India which reported a growth of 1.3% (134,158 units) and 3.1% (49,451 units), respectively last month.

Passenger vehicle sales in India surpassed two million units in the first half of the year for the first time, driven by strong demand for utility vehicles. Sales of cars, sedans, and utility vehicles reached a record 361,717 units in September, a 1.9% increase compared to the same month last year. The utility vehicle segment accounted for 59.5% of overall passenger vehicle sales in the September quarter.

India's growth has remained largely resilient in the face of external headwinds, said Rahul Bajoria, managing director and head of EM Asia (ex-China) economics, Barclays. Last month's release of second quarter numbers led to a spate of forecast revisions for the fiscal year. Ratings agency Fitch expects the economy to grow 6.9% in FY24, compared with 6.5% projected earlier.

Tesla reported net profit of $2.5 billion, down from $3.32 billion a year earlier. Excluding items, Tesla reported a profit of 85 cents, in line with estimates