Chinese buyers are said to have started canceling orders from Tesla’s competitors, following price cuts by the American electric car industry giant.
The report comes from Citi analyst Jeff Chung, who commented on the impact Tesla’s price cuts are having on demand in China.
It claims that the “backlogs” of Tesla’s competitors have suffered significant order cancellations.
No specific brands are mentioned, but it is generally accepted that Tesla’s biggest rivals in China are Nio and Xpeng. Other manufacturers, such as Aito, have also started to cut prices in China.
Tesla’s Shanghai Gigafactory produced 71,704 cars in October, compared to 83,000 cars produced in September.
The price cuts likely didn’t significantly affect the numbers. The numbers for the months of November and December should be checked, where the reported increased demand will appear.
