Tesla, Li Auto lost China market share in April; BYD, Nio up By

Tesla (NASDAQ:) and National regular foreign exchange platformsLi Auto (NASDAQ:) saw their China market share decline in April, new data released Friday showed.

Specifically, Tesla’s market share in the world’s biggest auto market decreased by 4 percentage points in April, despite the company reducing prices by RMB 14,000 towards the end of the month and introducing various financing offers.

According to analysts, Tesla's practice of prioritizing exports at the start of each quarter may have contributed to the observed domestic sales decline last month.

Chinese electric vehicle (EV) maker Li Auto also experienced a decline across various regions in April, with a notable decrease in Shenzhen, where its market share dropped by 8 percentage points month-on-month, after seeing an increase of 13 percentage points in a month prior.

However, the company anticipates a rebound in sales momentum in May and June, thanks to the recent launch of the L6 model and price adjustments to the L series in the second half of April, which may lead to a resurgence in market share.

LI shares fell 3.8% in Hong Kong trading Friday.

Meanwhile, shares in Nio (NYSE:) and BYD rose higher after both carmakers saw an increase in market share in April.

“While sales momentum remains strong from its "Honor" facelifts, the upcoming DMI 5.0 launch on Qin L and Seal 06 DM-i could underpin higher sales in low-tier regions where there's a greater appetite for PHEVs due to their underdeveloped charging infrastructure,” analysts said about BYD.

The carmaker’s stock rose 0.6% in Shenzen while Nio’s US-listed shares added 1.3%.

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