China's Slower Electric Car Sales Growth Spells Trouble for Tesla and BYD

China, the world’s largest electric vehicle (EV) market, is expected to see a slower growth rate in electric cars sales this year, spelling trouble for major players like Tesla and local competitor BYD. More than half of Tesla’s sales come from the communist country, adding more problems to the company which is the worst performing stock in the S&P 500 this year.

According to the China Passenger Car Association, sales of new-energy vehicles in China are projected to rise by 25 percent to 11 million units in 2024. While this may seem like a healthy increase, it is significantly lower than the 36 percent growth rate observed last year. This slowdown in demand is raising concerns for EV manufacturers, particularly Tesla and BYD, which have been battling for dominance in the Chinese market. SHANGHAI, Jan. 7, 2020 — Tesla CEO Elon Musk poses with Tesla China-made Model 3 vehicle owners during a ceremony in Shanghai, east China, Jan. 7, 202

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