Chinese-Made Teslas Sold 74,402 Units In February, A Record High By 32%

According to data released on Friday by the Chinese Passenger Vehicle Association, Tesla sold 74,402 electric vehicles built in China in February, an increase of 31.65% from the same month last year.

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That was an increase of 12.6% from January, when the US electric vehicle manufacturer shipped 66,051 Model 3 and Model Y vehicles built in China.

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According to CPCA figures, rival BYD sold 191,664 electric and hybrid vehicles and hybrids last month.

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Following price reductions it made in early January, which fueled demand, Tesla had intended to run its Shanghai facility at an average weekly output rate of 20,000 units in February and March.

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However, the most recent weekly statistics revealed that retail sales in China were still below the rate observed in the fourth quarter, indicating that the boost from discounted prices in its largest overseas market is waning.

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According to data from China Merchants Bank International, Tesla's market share in China's new energy vehicle industry—which includes both pure electric and plug-in hybrid cars—dropped to 9% in February from 10% a year earlier.

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The market share held by BYD rose from 27% to 37%.

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Tesla wants to increase exports and enter new markets as competition heats up in order to absorb output from its Shanghai factory.

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Tesla has begun shipping cars to Thailand, where it also installed its first Supercharger station in February.