SALES OF TESLA EVS MADE IN CHINA SOAR
Key Takeaways
- Sales of Tesla EVs made in China soared in May and were up 142% from the same period in 2022.
- COVID-19 restrictions had limited Tesla production in 2022.
- The sales report came after CEO Elon Musk visited China last week.
Tesla (TSLA) shares advanced on Monday after Chinese officials reported the electric vehicle (EV) maker’s sales of cars made in that country were up 142% in May from the same period a year ago.
The China Passenger Car Association said Tesla sold 77,695 EVs produced there in May, a 2.4% increase from April, and a whopping 142% jump from the 32,165 in 2022, when COVID-19 lockdowns in Shanghai, where Tesla's factory is situated, limited production. The total included sales both in China and exports.
The data came after CEO Elon Musk’s trip to China last week, where he met with several officials, including China's foreign minister, Qin Gang. Qin told Musk that his country has “broad prospects of development” for the EV market. Musk reportedly said that he was willing to expand Tesla’s operations in China.
Tesla opened the first wholly foreign-owned auto factory in China in 2019 after Beijing relaxed ownership restrictions to boost competition and speed up industrial development.
Tesla shares were at their highest level since November.