Sales of Tesla’s China-made vehicles decline in May

Investing.com — Tesla’s sales of China-made electric vehicles fell by 6.6% to 72,573 in May compared to a year ago, Reuters reported on Tuesday, citing data from the China Passenger Car Association.

Versus the prior month, deliveries of the U.S. carmaker’s Model 3 and Model Y vehicles made in China jumped 16.7%, the news agency added.

The figures come as Tesla (NASDAQ:) and its rivals in China have been slashing prices in the face of intensifying competition to secure a foothold in the country’s lucrative EV market.

Chinese group BYD (SZ:) — a key competitor with Tesla — sold 330,488 passenger vehicles in May, an increase of 38.2% year-on-year, Reuters reported.