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Tesla Faces Sales Decline in Key Markets
Tesla (NASDAQ: TSLA) reported a dramatic drop in sales in China, recording just 26,006 vehicles sold in October, a 36% decrease compared to the previous year and the lowest figure in three years. This figure sharply contrasts with September’s sales of 71,525 units, marking a significant decline in Tesla’s market share in China’s electric vehicle (EV) sector to 3.2%, down from 8.7% the previous month.
Despite stronger export numbers, with 35,491 vehicles exported from China, Tesla’s overall sales have struggled globally, facing a 23% year-over-year decrease across four major markets: North America, Europe, China, and South Korea, according to Wells Fargo.
Investors remain focused on Tesla’s future potential, leading to a high valuation, with a price-to-earnings ratio around 290 and a market cap exceeding that of Ford and General Motors combined. Shareholders recently approved a compensation package for CEO Elon Musk valued at up to $1 trillion, with key performance metrics tied to future business ventures.
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