Tesla’s stock price surged over 2% following news of a remarkable 91% year-over-year increase in its China sales.
On Wednesday, Tesla shares climbed 2.15% to close at 407.82 USD on the New York Stock Exchange.
This uptick is attributed to the significant boost in Tesla’s China sales performance.
The electric vehicle (EV) giant reported that its February sales in China, including exports to Europe, reached 58,600 units, marking a staggering 91% jump compared to the same period last year. This milestone represents Tesla’s fourth consecutive month of sales growth in the Chinese market.
Tesla’s success stands in stark contrast to the broader trend in China’s EV sector, where local manufacturers are grappling with fierce price competition and market saturation, leading to lackluster sales.
Bucking this trend, Tesla’s rising sales in China are likely driven by the strong performance of its flagship models, the Model 3 and Model Y.
This positive news appears to have fueled the stock’s upward movement. However, it’s worth noting that despite this recent gain, Tesla’s stock has still experienced a decline of approximately 9% since the beginning of the year.