Tesla China Registrations Hit New Record In June, State-Backed Body Says

Registrations for Tesla Inc.'s TSLA locally-made electric vehicles hit a new record height in China in June, Bloomberg reported Thursday.

What Happened

In a matter of one month, 14,976 of the automaker's vehicles made at the Shanghai gigafactory were registered in the country, according to data from state-backed China Automotive Information Net (CAIN).

This was a 32% increase in registrations over the previous month, and the highest number overall for Tesla in China, Bloomberg noted.

Tesla was also the top-selling electric vehicle brand in the country in May, with sales increasing 205% month-on-month, according to data from the China Association of Automobile Manufacturers.

There are overall 49,761 Tesla vehicles registered in China to date, as per CAIN.

Why It Matters

Lockdowns in China had lifted early, as the spread of the novel coronavirus (COVID-19) restricted in the country, allowing for vehicle sales to rebound.

The Palo Alto-based automaker's sales in the United States remain low, with vehicle registrations falling nearly 48% to 9,774 units in California in the second quarter this year, as per figures from marketing research company Cross-Sell.

Price Action

Tesla shares traded nearly 1% higher at $1,515.02 in the pre-market session Friday.

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