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The sharp drop for Tesla comes as sales of new energy vehicles in China more than doubled, as the world’s largest car market aggressively promotes switching to electric.
Tesla (TSLA) delivered 28,217 electric vehicles from its Shanghai factory last month, down from June’s 77,938 units, according to data released by the China Passenger Car Association on Tuesday. The sales figure was down 54% from the same period last year.
The CPCA didn’t elaborate on the reasons behind Tesla’s July sales plunge, but the US carmaker said in its quarterly earnings call last month that its Shanghai factory had recently undergone some “equipment upgrades,” which were aimed at increasing the production rate.
Multiple media outlets have reported that Tesla suspended most production at its Shanghai plant in July to work on an upgrade, which could boost the plant’s output by as much as 22,000 cars per week — a 30% increase from its current capacity.
The upgrade was scheduled to complete by August 7,…
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