Shares of Tesla Inc. rose Thursday toward a 10th-straight gain, as data out of China showed that the electric vehicle giant sold more cars in May than the previous month.
The stock
TSLA,
edged up 0.1% in premarket trading. The stock has run up 22.8% over the past nine days to close Wednesday ($224.57) at a seven-month high.
If the stock closes up Thursday, it would be the longest win streak since the 11-day streak that ended Jan. 8, 2021.
The China Passenger Car Association reported overnight that May retail sales of new-energy vehicles, which includes electric and plug-in hybrids, jumped 60.9% from a year ago to 580,000 vehicles, or 33.3% of the total passenger cars sold of 1.74 million, according to a Dow Jones Newswires report.
Tesla delivered 77,695 cars that were made at its Shanghai facility in May, the DJ report said, which is up from 75,842 cars delivered in April but down from the more than 88,800 EVs delivered in March.
The data gave a boost to shares of other China-based EV makers, as Nio Inc.’s stock
NIO,
rose 1.6% in Thursday’s premarket, Xpeng Inc. shares
XPEV,
climbed 1.7% and Li Auto Inc.’s stock
LI,
tacked on 0.4%.
Tesla generated $4.89 billion in sales from China during the first quarter, or 21.0% of total sales. In 2022, the company’s China sales totaled $18.15 billion, or 22.2% of total sales for the year.
Separately, the Associated Press reported that late Wednesday that Tesla may face a class-action lawsuit after 240 Black factory workers described racism and discrimination at the company’s plant in the San Francisco Bay Area.
Tesla’s stock has soared 82.3% year to date through Wednesday, while the Global X Autonomous and Electric Vehicles exchange-traded fund
DRIV,
has run up 25.0% and the S&P 500 index
SPX,
has advanced 11.2%.
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