Registrations of China-built vehicles from Tesla (TSLA -3.48%) fell 24% in July compared with June, a fresh sign of the growing threat posed by rapidly increasing competition in that market.

There were 11,456 Shanghai-built Teslas registered in China in June, down from 14,976 in June. The comparison was a tough one, as June was a record month for Tesla in China, but investors were hoping for continued momentum.

A Tesla Model Y

Image source: Tesla.

Tesla does not report monthly sales numbers in China; the registration data is from the China Automotive Information Net and was first reported by Bloomberg.

Chinese electric vehicle maker NIO saw registrations quadruple to 3,533 in July, and European carmakers BMW and Daimler have electric vehicles planned for the country.

Tesla earlier this year cut vehicle prices in both China and the United States, which was seen at the time as a response to growing competition from established automakers and start-ups.

Tesla shareholders also got some bullish news on Monday morning. Wedbush Securities analyst Daniel Ives raised his price target for the stock to $1,900, from $1,800, on hope that Tesla's price cutting will stimulate increased demand in the U.S. and China.

Wedbush's new target is 15% above Friday's close, but Ives maintained his neutral rating on the stock.