The American electric vehicle manufacturer, Tesla, has dropped out of the ranking of the 10 most valuable companies in the world due to a decline in its stock price following its lowest level of unit sales produced in China since August 2022. The company led by Elon Musk has fallen from 9th place to 11th, with a market valuation lower than that of giants like Berkshire Hathaway, Meta, Alphabet, and Amazon.
The China Passenger Car Association (CPCA) reported that Tesla sold 93,926 vehicles manufactured in China in February, which represented a monthly decline of 49.2% and a year-on-year decrease of 28.7%.
Tesla's sales in China have been affected by the price war among smart electric vehicle manufacturers, as well as by the partial suspension of Model Y production due to upgrade work. On the other hand, exports to Europe of electric cars manufactured by Tesla fell by 45% in January, which aggravated the company's slowdown.
The CPCA report caused Tesla's shares to register a loss of 6.40%, standing at $266.44 per share, according to data from Investing.com. Meanwhile, its Chinese rival BYD experienced a growth of 90.4% in passenger vehicle sales, with 614,679 units sold during the first two months of the year.
