Tesla TSLA sold 61,484 vehicles in China in June, up 59.3% from 38,588 units in May 2025 and 3.75% from 59,261 units sold in June 2024, per CNEV Post. This was Tesla’s second-highest monthly domestic total in 2025, behind only 74,127 units delivered in March.
The June increase came as Tesla reduced exports from its Giga Shanghai plant. It exported 10,115 vehicles, down 56.2% from May and 13.9% from the year-ago period. Per the CPCA, combined domestic and export sales totaled 71,599 units in June, up 16.1% month-over-month and 0.8% year-over-year.
The Model Y remained Tesla China’s top seller, with wholesale deliveries hitting 51,253 units, up 16.6% year over year and nearly 30% from May. In the first half of the year, wholesale deliveries of the Model Y reached 214,034 units, while the Model 3 recorded 150,440 units over the same period.
In the second quarter of 2025, Tesla sold 128,803 EVs in China, down 4.3% from the first quarter and 11.7% from the corresponding quarter of 2024, ending three straight quarters of growth. Domestic sales made up 67.2% of Tesla China’s total in the second quarter, while exports accounted for 32.8%. In the first half of 2025, Tesla China exported 101,064 vehicles, down 31.85% from the first half of 2024.
BYD Company Limited BYDDY reached a new monthly sales record for 2025 following a wave of price reductions. BYD sold 377,628 passenger vehicles globally in June, up 11% year over year. However, the price cuts have drawn attention from regulators and criticism from industry groups. Despite the overall growth, BYD’s passenger car sales in China, its largest market, have declined for three consecutive months, casting doubt over its performance in the second half of the year.
Li Auto Inc. LI delivered 36,279 vehicles in June 2025, down 24.06% year over year and 11.2% from May. Li Auto’s second-quarter 2025 deliveries totaled 111,074 units, reflecting the intensified competition in China’s auto sector. As of June 30, Li Auto’s cumulative deliveries stood at 1.3 million vehicles.
Tesla has underperformed the Zacks Automotive-Domestic industry year to date. TSLA shares have lost 26.3% compared to the industry’s decline of 24.1%.
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From a valuation perspective, Tesla appears overvalued. Going by its price/sales ratio, the company is trading at a forward sales multiple of 9.27, higher than its industry’s 2.49.
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