Benzinga - by Shanthi Rexaline, Benzinga Editor.
Shares of electric-vehicle maker Tesla, Inc. (NASDAQ:TSLA) edged up in premarket trading on Tuesday even as futures trading pointed to a negative open for Wall Street.
Tesla’s made-in-China car sales came in at 72,573 units in May, preliminary data from the China Passenger Car Association showed, according to CnEVPost. The preliminary report does not break down domestic sales and exports, and a more detailed report is due this week.
The U.S. company’s May sales marked a nearly 17% increase from the 62,167 units of made-in-China cars it sold in April. On a year-over-year basis, sales fell about 6.6%.
The combined April-May sales stood at 134,740 units.
Nimble Chinese EV startups Nio, Inc. (NYSE:NIO), XPeng, Inc. (NYSE:XPEV), and Li Auto, Inc. (NASDAQ:LI) all reported strong sales.
Separately, weekly China insurance registration data showed 15,200 units of Tesla EVs were registered in the week ended June 2, an increase from the previous week’s 13,200 units. Second-quarter registrations through Week 9 showed a 17.7% increase but a 4% year-over-year drop.
$TSLA China reported a strong 15.0K insured registrations for the week of May 27-June 2. Through Week 9, 2Q is +17.7% QoQ and -4.0% YoY.Source: @piloly, @Tslachan pic.twitter.com/upK3iqwyqz
— Gary Black (@garyblack00) June 4, 2024
In premarket trading, Tesla rose 0.28% to $176.78, according to Benzinga Pro data, while the S&P 500 futures were down 0.37%.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.