Tesla Inc.‘s TSLA Price cuts in China — although it boosted sales in January — may not have made the tills ring.

What happened: Tesla delivered 66,051 cars in January, preliminary data from the China Passenger Car Association showed, according to CnEVPost. The tally, which includes both export and domestic sales, marked a 10.4% year-on-year increase from the 59,845 vehicles the company sold in January 2022.

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On a monthly basis, Tesla sales rose 18.38% to 55,796 cars sold in China in December.

However, the January figure pales in comparison to the record 100,291 cars Tesla sold in China in November.

Tesla typically focuses on cars intended for export in the first half of the quarter before turning its attention to cars to be sold in the domestic market. More clarity about the split will come when the CPCA releases its final numbers.

Why it matters: Tesla has been adjusting prices downwards in China since late last year. The biggest cuts came in the first week of January, when the electric vehicle giant implemented price cuts of 13.6% for its China-made products Model Y and model 3 Vehicles.

Tesla China executive Grace Tao had said at the time that the company’s cost structure in the country allowed scope for price reductions.

Meanwhile, local media reports suggested that the price cuts had buyers flocking to Tesla dealerships and service centers. This was somehow confirmed by the extension of delivery times for some of Tesla’s vehicles in China.

After Tesla failed to meet 50% delivery growth target in 2022, CEO Elon Musk recently hinted at Company internally aims for worldwide sales of two million. The company’s explicit delivery target for the year is 1.8 million units.

Tesla’s Domestic Rivals Nio Inc. NEVER, XPeng Inc. XPEV and LiAuto Inc. LI announced Wednesday monthly deliveries. Nio reported a 46% month-on-month drop in sales, and XPeng fell even more, falling 54%. Li Auto reported…