Registrations of China-built lorries from Tesla (NASDAQ: TSLA) fell 24% in July compared to June, a fresh indication of the growing danger presented by rapidly increasing competitors in that market.
There were 11,456 Shanghai-built Teslas signed up in China in June, below 14,976 in June. The contrast was a difficult one, as June was a record month for Tesla in China, but financiers were wishing for continued momentum.
Image source: Tesla.
Tesla does not report regular monthly sales numbers in China; the registration information is from the China Automotive Information Net and was initially reported by Bloomberg.
Chinese electrical lorry maker NIO saw registrations quadruple to 3,533 in July, and European carmakers BMW and Daimler have actually electric lorries planned for the nation.
Tesla previously this year cut lorry rates in both China and the United States, which was seen at the time as a response to growing competition from developed start-ups and car manufacturers.
Tesla shareholders also got some bullish news on Monday morning. Wedbush Securities expert Daniel Ives raised his price target for the stock to $1,900, from $1,800, on hope that Teslas rate cutting will stimulate increased need in the U.S. and China.
Wedbushs new target is 15% above Fridays close, but Ives kept his neutral ranking on the stock.