Electric car sales of Tesla (Nasdaq: TSLA) more than doubled in 2020 in China but declined month-on-month for January.
The world’s most valuable car company’s sales amounted to $6.66 billion in the country last year, according to its filing with the U.S. Securities and Exchange Commission on Monday. China accounted for 21% of Tesla’s sales, a jump from 12% in 2019.
In 2020, the U.S. remained Tesla’s biggest market with sales jumping 20% from the previous to $15.21 billion, which accounted for about half of the company’s total sales.
Meanwhile, Tesla sold 15,484 vehicles in China for January, according to data from the China Passenger Car Association. That figure represented a 54% drop from December and included sales of its new China-made Model Y.
In contrast, its Chinese rivals including Nio (NYSE: NIO) XPeng (NYSE: XPEV) delivered 7,225 and 6,015 vehicles, up 3% and 6% from December.
Its other Chinese rival Li Auto (Nasdaq: LI) on the other hand delivered just 5,379 cars in January compared with 6,126 in the previous month.
The China Passenger Car Association said that total sales of EVs in the country topped 158,000 in January. That figure is down 24% month-on-month but up by more than triple year-over-year. The association noted that sales could rise by 7% this year but warned that the industry could see challenges in the second half over concerns of chip shortages.
According to a post by China’s State Administration for Market Regulation on Monday, it along with four other government departments met with Tesla’s local subsidiaries to discuss customer concerns regarding its vehicles.
One big incident involved a Tesla Model 3 reportedly exploding in a Shanghai parking garage in January. Just last week, Tesla had to recall 36,000 Model S and Model X vehicles due to touchscreen issues.
Intraday Tuesday, Tesla’s stock was trading at $845.35 per share, down 2% from Monday’s close. The stock gained on Monday after Ceo Elon Musk said the company bought $1.5 billion worth of bitcoin.