"Tesla's China-Made EV Wholesale Sales Drop Sparks Stock Slide"

Tesla's Giga Shanghai factory saw a 19% year-over-year decrease in overall wholesale vehicle shipments of its Made-in-China Model 3 and Model Y cars in February 2024, amounting to 60,365 units, attributed to the Chinese New Year holiday falling in February this year. Despite the drop, the plant exceeded 60,000 units, slightly beating its 2022 result, and the total wholesale sales for the year so far have exceeded 131,000 units, showing a 6% decrease compared to the previous year. The year 2024 will be crucial for Tesla's growth in the competitive Chinese EV market, with anticipation for a major refresh of the Model Y and ongoing price wars.