- Swiss aim for EU treaty deal only in 2019 as talks stall
- India’s Modi and China’s Xi aim to build on thaw in ties at G20 meeting
- Olympics-Bach heaps praise on ‘well prepared’ Tokyo for 2020 Games
- A.I. will transform health care into an equal playing field, top medical CEO says
- Chinese unicorn VIPKid says it's focused on maintaining quality in the face of 'rapid growth'
Don’t read too much into reports that Tesla sold just 211 cars in China last month, a top Chinese auto executive said Wednesday.
An official from the China Passenger Car Association told Reuters on Tuesday that Tesla’s China sales dropped 70 percent in October from a year earlier. Speaking at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China, WM Motor CEO Freeman Shen called the report “misleading information.”
“I doubt that number because, as a person who has been working in the Chinese auto industry for many years …the Chinese Passenger Car Association is not always accurate,” Shen told CNBC’s Eunice Yoon.
Shen said China vehicle sales are “always kind of a mystery” because automakers report their data through a number of different channels. He added companies can disclose vehicle sales “at free will” with the Chinese Passenger Car Association, adding it can be “any number you want.”
In a statement Tuesday, a Tesla spokesperson called the October China sales plunge “wildly inaccurate,” according to Reuters. A spokesperson for the Chinese Passenger Car Association wasn’t immediately available for comment when contacted by CNBC.
Shen, a former executive at Fiat Chrysler, founded electric vehicle company WM Motor in 2015. The company has said it wants to be the “Ford of electric cars in China,” appealing to a mass audience with cars in the $30,000 to $45,000 price range. Many electric vehicles on the market in China carry heftier price tags, like Nio’s ES8 at $70,000 or Tesla’s Model X priced at nearly $130,000.
China is the world’s largest market for electric vehicles, accounting for more than half of global electric car sales in 2017, according to the International Energy Agency (IEA). An estimated 1.23 million electric cars are in circulation in China, compared to 820,000 in Europe and 760,000 in the U.S.