Market Overview

Tesla China Car Registrations Buck Industry Slump In March

Share:
Tesla China Car Registrations Buck Industry Slump In March

Tesla Inc's (NASDAQ: TSLA) Chinese operations are up and running in full swing, as evident by data released by auto consultant firm LMC Automotive.

Reuters reported the electric vehicle maker's car registrations in China rose 450% to 12,709 units in March.

The numbers appear commendable, as Tesla's manufacturing in China took a hit in the aftermath of the COVID-19 pandemic. The company's Shanghai Gigafactory resumed production in full capacity only in late February following nearly a month-long disruptions.

In comparison, U.S.-listed Chinese EV maker Nio Inc (NYSE: NIO) reported vehicle deliveries of 1,533 in March, a 116.8% month-over-month increase.

Tesla also seems to be bucking the industry-wide slump, as overall auto sales in China declined 43.4% in March, as cautious consumers tighten their purse strings.

Tesla's stock has been on a roll this week, moving higher by more than 20% in just two trading sessions. The stock traded around $739 per share at time of publication.

Related Links:

Here's How Long It Took Tesla To Reach A $100B Market Cap

Tesla's Stock Keeps Rising After Goldman Sachs Gives Shares $864 Price Target

 

Related Articles (TSLA)

View Comments and Join the Discussion!

Posted-In: China CoronavirusNews Retail Sales Media Trading Ideas Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com