shares advanced on Thursday as the company's sales surged in the Chinese market in May, recovering after auto makers halted production in the country because of lockdowns imposed by officials trying to limit the spread of Covid.
The electric vehicle maker's stock rose 4.4% not long after the opening bell. The Nasdaq-listed shares so far this year have dropped about 31%, partially on the back of a wider selloff in tech stocks that's dragged theinto a bear market, but also on investor concerns around Elon Musk's bid to acquire Twitter.
Tesla sold 32,165 Model 3 sedan and Model Y crossovers last month on a wholesale level, according to a translated monthly statement from the China Passenger Car Association, or CPCA, on Thursday. The company in April sold 1,512 vehicles, marking a 98% slide from a month earlier as business activity throughout Shanghai was sharply curtailed because of coronavirus infections. Of the May wholesale units sold, Tesla exported 22,340 last month. Tesla did not export any vehicles in April.
The Chinese financial hub, where Tesla's Giga Shanghai factory is located, launched lockdowns in late March. Tesla has been ramping up work on shifts as virus-related restrictions have eased. The CPCA on Thursday said Tesla produced 33,544 vehicles in May, a 212% increase from April's tally of 10,757.
Source: Car News Wire (carnewswire.net)
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