Shares of electric vehicle pioneer Tesla (NASDAQ:TSLA) fell 3.3% in the afternoon session after reports revealed that the company's sales in China fell 11.5% year on year in January 2025, despite incentivizing consumers to boost demand.

U.S. automaker Tesla's sales of China-made electric vehicles fell 11.5% to 63,238 units in January from a year earlier, data from the China Passenger Car Association showed on Friday. Deliveries of China-made Model 3 and Model Y vehicles were down 32.

A sales slump at Tesla (TSLA) has extended into the new year. In China, sales were down 11.5 percent in January. Tesla isn’t keeping up with fierce homegrown competition. For example, during the same period,