Sales of Tesla's electric cars in China fell in January, as competition from domestic rivals continued to heat up.
Tesla sold 63,238 units of its electric cars in January, down 11.5% from the 71,447 cars sold in the same month last year.
Chinese rival BYD meanwhile sold 296,446 pure electric and plug-in hybrid vehicles last month, up 47% year-on-year.
Tesla has attempted to use price cuts as an incentive to retain Chinese buyers' interest in its cars. Late last year, Tesla slashed the price of its Model Y car and also extended a zero-interest five-year loan plan until the end of January.
Last month, the U.S. giant also announced a revamped version of the Model Y — one of its best-selling EV autos — in China. This also came with a 0% interest plan.
Tesla has not introduced a new model since it began delivering the Cybertruck in late 2023, which starts at nearly $80,000. Investors have been yearning for a new mass-market model from the company to reinvigorate sales.