Tesla’s revenue grew by 64.8% year-on-year to $5.13 billion in the third quarter of 2022, although that number was significantly lower than the 78.5% growth seen during the same period in 2021, according to a securities filing published on Monday. China remains the second largest single market for Tesla following its home base, making up 23.9% of its total revenue for the first nine months of this year, compared with last year’s 25%. The US automaker attributed the revenue growth to highly localized manufacturing and supply, which has allowed it to price its vehicles “competitively” in China but warned of increased competition from “a growing list of established and new” rivals in the country. [Tesla filing]