Tesla Bull Gary Black Weighs In As Elon Musk's EV Giant Logs Over 11,000 New Registrations For Straight Second Week

Tesla Inc. TSLA continues to showcase growth in the Chinese domestic market with a steady number of new weekly insurance registrations for the past two weeks this month.

What Happened: Elon Musk's EV giant recorded over 11,000 new insured registrations in the Chinese market for the week ending May 25, according to a post on social media platform X on Tuesday by Future Fund LLC's Gary Black.

"$TSLA China posted 11.0K insured registrations for the week of May 19 to 25. Through the first 8 weeks of the qtr, TSLA insured registrations were +2.1% QoQ and -22.7% YoY," Black said in his post.

Why It Matters: News of the registrations comes in as Tesla had also recorded over 11,130 new registrations in China for the week ending May 18, which was significantly higher than the week prior to that — barely over 3,000 new registrations.

The numbers from the previous week, as well as the week before that, showcase a surge, which could help investors breathe a sigh of relief in what has been a tough couple of months for Tesla with declining sales figures across multiple regions.

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Elsewhere, the company has also begun accepting trade-ins for the Cybertruck as sales figures continue to decline in the U.S., where Tesla is reportedly sitting on a 10,000-unit-strong inventory of unsold Cybertrucks.

Tesla Stock is currently valued at $348.20 in Pre-Market trading. It scores well across all metrics except Value. See how other Tesla rivals are stacking up on Benzinga Edge.

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