Despite a slowing economy, China saw increased car sales. Tesla is doing well in China as well.
Tesla sold 64,694 cars in China in August, the data showed, while deliveries of its China-madeLower rates on existing mortgages are likely to help revive the auto market, said CPCA Secretary General Cui Dongshu, even as slowing economic growth hits consumers' pockets.
Chinese automakers continued to bet on overseas markets, as domestic growth eased, with exports surging 31% in August on-year following a 63% jump in July, the data showed.growth, were up 34.5% in August, accounting for 36.9% of total car sales. Sales rose 11.8% in August versus July. A price war initiated by Tesla at the start of the year is continuing, with the U.S. EV maker announcing additional cuts after slashing prices twice last month. However, the company introduceda starting price 12% higher than the previous, base rear-wheel drive model. Chinese EV makers are also stepping up efforts to expand overseas markets as competition intensifies at home.
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