Tesla(US:TSLA) Hua Er Jie Jian Wen·2025-07-02 12:31Core Insights - Tesla's sales showed signs of recovery in June, driven by the delivery of the revamped Model Y, with notable increases in key markets like China, Norway, and Spain [1][2][3] - Despite the positive performance in certain regions, Tesla continues to face significant competition and declining sales in other European markets and the U.S. [1][4] Group 1: Sales Performance - Tesla's Shanghai factory delivered 71,599 vehicles in June, marking a 0.8% year-on-year increase and a 16% month-on-month increase, the first year-on-year growth in nine months [1][2] - In Norway, Tesla's vehicle registrations increased by 54% in June, with Model Y registrations soaring by 115.3% to 5,004 units, making it the best-selling model in June [3] - Spain also saw strong performance, with Tesla's sales rising by 60.7% to 2,632 units, and Model Y sales increasing by 127.2% to 1,179 units [3] Group 2: Competitive Landscape - Tesla's main competitor in China, BYD, reported a global sales increase of 11% to 377,628 vehicles in June, significantly outpacing Tesla [2] - Xiaomi's new YU7 SUV is priced nearly 4% lower than the Model Y, indicating increasing competition in the electric vehicle market [2] - In Europe, Tesla's sales are declining in key markets such as Sweden, Denmark, France, and Italy, with significant drops in registrations [3] Group 3: Future Outlook - Despite the June rebound, Tesla's overall performance for Q2 is expected to be disappointing, with a 6.8% year-on-year decline in sales of Chinese-made electric vehicles from April to June [4] - Counterpoint Research predicts a 10% decline in Tesla's global electric vehicle sales for 2025, while BYD's sales are expected to grow by 45% [5] - The recent model updates may provide only a short-term boost, as new model launches have not occurred since 2020, raising concerns about the sustainability of sales growth [5]