Tesla (ticker: TSLA) cut vehicle prices in China most recently on Jan. 6. So Wedbush analyst Dan Ives conducted a survey of 500 Chinese EV buyers in mainland China to gauge the impact of the cuts.
“Our survey found that 76% of EV Chinese consumers are considering buying a Tesla in 2023, with the nearest domestic competitors BYD (1211.Hong Kong) in second place followed by NIO ( NIO ) in third place,” wrote Ives in a research report.
Tesla’s market share of battery-electric vehicle sales in China is between 10% and 15%. The survey results point to some share gains for Tesla after the company cut prices early in 2023.