Why Tesla Shares Raced Higher Today

Tesla Inc TSLA surged higher Wednesday following a CnEVPost report suggesting the company's Giga Shanghai factory accounted for 51.7% of global deliveries in 2021.

According to the report, Tesla Giga Shanghai delivered 484,130 units in 2021, representing an increase of 235% year-over-year. The CnEVPost report attributes the information "to data provided by the company."

Related Link: Tesla Saw 52% Of 2021 Global Deliveries From Giga Shanghai Alone

Tesla's Shanghai factory exported 160,000 vehicles last year in order to meet demand in more than 10 countries.

The company's China sales reached 70,847 units in December, representing an increase of 197.6% year-over-year, according to data from the China Passenger Car Association.

Tesla's 2021 deliveries in China were about 321,000 units, representing an increase of about 133% year-over-year.

"The performance of the locally produced Model Y is behind the significant growth in Tesla's deliveries in China," CnEVPost reports.

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TSLA Price Action: Tesla has traded as low as $539.49 and as high as $1,243.49 over a 52-week period.

The stock closed up 3.93% at $1,106.22 on Wednesday.

Photo: courtesy of Tesla.