Tesla, Inc. TSLA shares are poised for a third consecutive session of gains following an eight-month low last week in response to the electric vehicle giant’s quarterly results.
The premarket gain assumes importance because the uptrend is despite the index futures flatlining amid apprehensions about big tech earnings.
Weekly China-insured registration data, shared by Future Fund Managing Partner Gary Black on X (formerly Twitter), reveals that approximately 12,800 Tesla vehicles were insured during the week of January 22-28. Black characterized this performance as “very strong,” highlighting that average week-four numbers have consistently hovered around 10,000 units over the past year. Notably, this also represents the highest fourth-week performance of a quarter ever.
China stands as a pivotal market for Tesla, contributing to roughly half of the company’s vehicle production.
Tesla’s 10-K report on Monday indicated that about $21.75 billion of the total 2023 revenue of $96.77 billion came from China, signifying that the Asian powerhouse accounted for 22.5%.
Tesla could also be drawing in bargain hunters after it tumbled to $182.10 intraday on Thursday.
In premarket trading, the stock climbed 2.35% to $195.41, according to Benzinga Pro data.
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