• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 1 hour Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 2 hours Renewables provided only about 4% of total global energy needs in 2018
  • 2 days Iran Captures British Tanker sailing through Straits of Hormuz
  • 2 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 20 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 2 days Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 3 days Today in Energy
  • 6 hours Shale Oil will it self destruct?
  • 3 hours So You Think We’re Reducing Fossil Fuel? — Think Again
  • 4 hours N.Y. Governor Signs Climate Bill
  • 3 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 1 day Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 13 hours U.S. Administration Moves To End Asylum Protections For Central Americans
What’s Behind The Drop In Renewable Spending?

What’s Behind The Drop In Renewable Spending?

Renewable spending is dwindling across…

China’s Refineries Hit New All-Time Operating Record

China’s Refineries Hit New All-Time Operating Record

Chinese crude oil throughput hit…

Chinese Executive: Tesla’s 70% China Sales Plunge ‘Misleading’

Tesla China

Reports that Tesla’s vehicle sales in China plunged by 70 percent last month is “misleading information” because of the opaque and not always accurate sales numbers coming out of China, Freeman Shen, chief executive at China’s electric vehicle maker WM Motor, told CNBC on Wednesday.

Tesla’s sales in China nosedived by 70 percent in October in the latest demonstration of the adverse impact the U.S.-Chinese trade war is having on business. The news, from the Chinese passenger car association as reported by Reuters, came a few days after Tesla said that it planned to cut its prices for the Chinese market.

China is a key market for Tesla where it plans to build a gigafactory, and last month it only sold 211 cars there, according to the association’s data.  

WM Motor’s Shen told CNBC on Wednesday that Chinese car sales numbers are always “kind of a mystery” because data is collected through several channels. One is the China Passenger Car Association—from which Reuters received the information about Tesla’s October sales—which sends out a questionnaire to companies and they report their sales “at free will”.

“You can report any number you want,” Shen said.

Another channel for car sales was the license registrar which, however, stopped reporting data four or five years ago. The third channel is data from insurance companies, which is much more accurate but there is a two-month lag in reporting, the Chinese auto executive told CNBC.

Referring to the car sales from the Chinese Passenger Car Association, Shen said: “I doubt that number because, as a person who has been working in the Chinese auto industry for many years …the Chinese Passenger Car Association is not always accurate.”

“So I will suggest people should not comment based on that number,” the executive noted.

In an email to Barron’s on Tuesday, a Tesla spokesman disputed the report of the 70-percent sales plunge, saying that the numbers obtained from an official at the Chinese Passenger Car Association are “wildly inaccurate” and “off by a significant margin.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play