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    600104   CNE000000TY6

SAIC MOTOR CORPORATION LIMITED

(600104)
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Tesla's China-made vehicle sales surge 29% in May - auto association

06/08/2021 | 05:04am EDT

BEIJING, June 8 (Reuters) - Tesla Inc sold 33,463 China-made electric cars in May, including exports, a 29% jump from April, according to data from the China Passenger Car Association (CPCA) on Tuesday.

China's new electric vehicle sales surged 177% to 185,000 cars in May from a year earlier, CPCA said. Overall passenger vehicle sales, however, rose just 1.1% to 1.66 million cars.

Tesla's China sales - accounting for nearly a third of its total sales - is closely watched as a sign of the U.S. company's health in its second biggest market, where the company has invested heavily and often changed its own marketing playbook to attract customers.

Tesla, which makes its Model 3 sedans and Model Y sport-utility vehicles in Shanghai, exported 11,527 China-made vehicles in May.

In April, it sold 25,845 China-made cars, down from 35,478 in March.

Tesla's Model 3 sedans were the best-selling electric vehicles in the country before they were overtaken by a much cheaper micro EV made by the joint venture between General Motors and SAIC Motor.

The U.S. company is also facing rising competition in China from conventional EV companies such as BYD and startups including Nio Inc, Xpeng Inc.

CPCA said it expects China to sell 2.4 million electric, plug-in hybrid and hydrogen fuel cell passenger vehicles this year.

Tesla is also facing scrutiny in China over its handling of customer complaints regarding quality issues.

Last month, Reuters reported that staff at some Chinese government offices were told not to park their Tesla cars inside government compounds due to security concerns about cameras installed on the vehicles.

In response, Tesla is trying to boost its engagement with regulators and is beefing up its government relations team, sources said. It has set up a data centre in China to store data locally and plans to open a data platform for customers.

(Reporting by Yilei Sun and Tony Munroe; Editing by Jacqueline Wong)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NIO INC. -2.27% 42.9485 Delayed Quote.-9.75%
SAIC MOTOR CORPORATION LIMITED 1.57% 20.7 End-of-day quote.-15.30%
TESLA, INC. 1.11% 650.305 Delayed Quote.-8.83%
XPENG INC. -0.46% 40.84 Delayed Quote.-4.27%
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Financials
Sales 2021 808 B 125 B 125 B
Net income 2021 25 955 M 4 003 M 4 003 M
Net cash 2021 63 170 M 9 743 M 9 743 M
P/E ratio 2021 9,32x
Yield 2021 4,15%
Capitalization 231 B 35 576 M 35 563 M
EV / Sales 2021 0,21x
EV / Sales 2022 0,16x
Nbr of Employees 204 815
Free-Float 23,0%
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Number of Analysts 24
Last Close Price 20,70 CNY
Average target price 23,89 CNY
Spread / Average Target 15,4%
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Managers and Directors
Xiaoqiu Wang President & Director
Yong Wei Chief Financial Officer & Board Secretary
Hong Chen Chairman
Bai Ping Bian Chairman-Supervisory Board
Xin Liang Tao Independent Director
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