Tesla Sales Plunge in China Amid Rising BYD Competition:
Data from the China Passenger Car Association (CPCA) on Tuesday revealed that Tesla’s sales
of China-made electric vehicles significantly dropped in February,
with the company selling only 30,688 cars. This represents a 49.2% decline compared to the same period last year.
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Crude Oil Inventories
New York Fed President
Tesla Sales Plunge in China Amid Rising BYD Competition
Data from the China Passenger Car Association (CPCA) on Tuesday showed a sharp drop in
Tesla’s China-made EV sales in February.
The company sold only 30,688 vehicles, marking a 49.2% year-over-year decline.
This drop is attributed to intensified competition in the Chinese market,
where local brands, especially BYD, continue strengthening their presence.
BYD recorded a staggering 161.4% surge in sales, reaching 318,233 units in February,
fueled by the substantial success of its Dynasty and Ocean series of EVs and hybrids.
Specifically, deliveries of Tesla’s Model 3 and Model Y vehicles made in China
plunged by 51.5% compared to the previous month,
reflecting weakened demand in the world’s largest EV market.
This decline coincided with Tesla’s stock dropping nearly 3% during today’s trading session,
signaling growing investor concerns about the company’s performance in China.
These developments indicate that Tesla may need to reassess its strategies
to enhance competitiveness against local automakers, expanding their market share.
Crude Oil Inventories Decline in the U.S. Despite a Rise in Cushing Stock
The American Petroleum Institute (API) reported a 1.5 million-barrel decline in U.S. crude oil inventories last week.
However, Cushing, the largest oil storage hub in the U.S., saw a 1.6 million-barrel increase in stockpiles.
The weekly API report also indicated a 1.2 million-barrel drop in gasoline inventories for the week ending February 28,
while distillate stocks—which include diesel and heating oil—rose by 1.1 million barrels.
Following these reports, oil prices declined at the close of Tuesday’s trading session:
Brent crude (May delivery) fell 0.8% (-58 cents) to $71.04 per barrel.
WTI crude (April delivery) dropped 0.15% (-11 cents) to $68.26 per barrel.
New York Fed President: No Immediate Need to Change Interest Rates
John Williams, President of the New York Federal Reserve,
stated that the current U.S. monetary policy is appropriately positioned, and there is no immediate need to adjust interest rates.
Williams highlighted that the monetary policy remains flexible in adapting to economic developments and potential risks,
adding that the current conditions allow for continued data monitoring before making any new policy decisions.
When asked about a potential rate adjustment in the Federal Reserve’s March meeting,
Williams responded that he did not need any changes.
He also noted that past experiences have shown that tariffs on consumer
goods tend to drive up import prices significantly.
However, he stressed that the full impact on the broader economy remains uncertain.
Tesla Sales Plunge in China Amid Rising BYD Competition