Tesla Shares Surge On Record High September Sales In China

Tesla Shares Surge On Record High September Sales In China

Elon Musk-led Tesla reported sales of over 56,000 China-made electric vehicles in September -the highest total ever since it opened its production in Shanghai gigafactory in 2019, according to data from the China Passenger Car Association (CPCA) released on Tuesday.

Of the total sales, most came from China, totalling 52,133 sales, while the company exported 3,853 vehicles from its Shanghai factory in September, per CPCA data.

The total of 56,006 cars reflected a 27% jump from the tally of August sales, the CPCA’s data showed. The US electric vehicle maker, which is actively manufacturing Model 3 sedans and Model Y sport-utility vehicles in Shanghai, sold 44,264 made in China electric vehicles in August, including 31,379 exported numbers.

In September, Passenger car sales in China amounted to 1.6 million, 17% lower than the previous year, per CPCA data.

In its Q3 Vehicle production and deliveries report, Tesla sold a record 241,300 vehicles globally between July and September, showing a surge of 73% from last year.

Tesla’s Shanghai Gigafactory production rate exceeded the total production happening in the Fremont factory in California, Musk said during the company’s annual shareholders’ meeting on Thursday.

Musk acknowledged that the Shanghai factory was “the best quality, lowest cost and also low drama.”

The impact of the announcement on the dashboard of Quantale could be observed as the day proceeds. On Monday, Tesla’s social engagement amongst the users of Twitter and Reddit spiked almost 7 percent, whereas the trading volume fell nearly 15 percent.

The company’s share price rose $6.45 apiece, closing Monday’s intraday at $791.94 from $785.49 on Friday.

A total of 13.92 million shares of the stock exchanged hands, 4.87 million below the average of 18.79 million. 

Tesla’s stock rose roughly 2 % in the pre-market, hitting its pre-market high of $802.25. The stock opened its intraday at $800.93 today.

In August, Tesla Shanghai’s sales were 44,264 units a month, and it was the first time it crossed the mark of 40,000 in a single month. Also, the exports hit a high record of 31,379, with local sales concluding at 12,885.