TSL遭冷遇🔴 In October, sales in China fell by 9.9% year-on-year to 61,000 units, and fell by 32.3% month-on-month. Once the leader of new energy, it is now retreating step by step in the Chinese market.

Competitors are thriving: NIO delivered a record high of 40,400 vehicles (+93%), XPeng 42,000 vehicles (+76%), and BYD pure electric vehicles 222,500 units (+17%). In the market reshuffle, local brands hold the initiative.

The pressure is still behind – China’s electric vehicle purchase tax exemption policy has been halved in 2026, and subsidies have significantly declined. In parallel with the market reaction after the U.S. canceled the $7,500 tax incentive in September, both major markets are facing the risk of "weaning off."

TSL's sales in China for the first three quarters of this year reached 438,000 units, a year-on-year decline of 5%, with basically no hope for annual growth. This gold mine, which once accounted for over 20% of its global revenue, is losing its luster.