Tesla Shares Jump By 2.6% Following A Jump In Vehicle Sales In China
The shares of Tesla are up by over 2% today after the latest figures show that vehicle deliveries in China improved for the month of August.
Tesla’s Auto Sales In China Improved Last Month
Electric car manufacturer Tesla recorded an increase in sales last month in China. According to the latest reports, the company sold 44,264 China-made vehicles. The figures included 31,379 that were exported.
According to the China Passenger Car Association (CPCA) earlier today, local sales of Tesla vehicles in China rose by 12,885 cars last month. This is an improvement to the 8,621 cars sold in July. The report added that Tesla’s sales in the first month of a new quarter are usually lower than the preceding two months.
Tesla sold 32,968 China-made vehicles, a decrease from the 33,155 units sold in June. The electric car company has been facing increased scrutiny from regulators in China in recent months. The added competition from local electric vehicle manufacturers. Tesla had to introduce a cheaper version of its Model Y, and it also decreased the starting price for Model 3 sedans.
Tesla’s performance last month was still below that of other leading electric vehicle manufacturers. BYD sold a total of 60,858 electric vehicles in August, and General Motors’ China joint venture with SAIC Motor sold over 43,000 units.
The CPCA revealed that passenger car sales last month in China were around 1.5 million. The sales are down by 14.7% from the same period last year.
TSLA Shares Up By 2%
The shares of Tesla went up by over 2% at Wednesday’s pre-trading session. The rally came after the company delivered improved vehicle sales in the first month of the third quarter. At the time of this report, Tesla’s TSLA is trading at $756 per share.
Year-to-date, TSLA is up by less than 10%. Tesla’s stock started trading at $705 at the beginning of the year. However, it has been up by over 8% since then, and it is now trading at $756.