06:45 AM EDT, 06/05/2024 (MT Newswires) -- Tesla's (TSLA) China-made electric vehicles saw a 6.6% year-on-year drop in sales to 72,573 units in May, Reuters reported Tuesday, citing data from the China Passenger Car Association.

The decline comes after an 18% drop in sales in April and just a 0.2% gain in March, according to the report.

The company has cut back on Model Y production at its Shanghai plant since March due to falling demand in China, Reuters said.

Meanwhile, deliveries of China-made Model 3 and Model Y vehicles increased 16.7% from April, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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