$Tesla Motors(TSLA)$ Tesla, like many foreign automakers, is struggling in the world's largest electric vehicle (EV) market: China. Its sales have been on the decline for the past five consecutive months on a year-over-year basis, according to the China Passenger Car Association. In February, Tesla's shipments plunged 49% in China compared to the prior year, its lowest monthly mark since July 2022.
Part of the problem is simply strong competition from the growing list of domestic automakers, which offer newer, more exciting, and more affordable EV options. One example of a thriving Chinese automaker is BYD, which sold more than 318,000 full electric and plug-in hybrid vehicles in China last month, a staggering 161% increase from the year prior.
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