Benzinga - by Shanthi Rexaline, Benzinga Editor.
Shares of Tesla, Inc. (NASDAQ:TSLA) rose in premarket trading on Tuesday as the market reopens after Monday’s Christmas Day holiday.
The upside may be related to strong China weekly insurance registrations for Tesla’s made-in-China electric vehicles. The metric came in at 18,500 for the week of December 18-24, CnEVPost reported, citing data shared by Li Auto, Inc. (NASDAQ:LI). The number was higher than most domestic startups, although it trailed the 63,900-unit weekly registrations for BYD Company Limited (OTC:BYDDY) (OTC:BYDDF). BYD sells both hybrids and battery EVs.
Commenting on the data, Future Fund’s Gary Black said, “China continues to crush it.” With one week to go, Tesla’s fourth-quarter EV insurance registrations already exceeded the record quarterly total of 156,700 EVs, he said.
$TSLA China continues to crush it. For the week of Dec 18-24, TSLA China reported 18.5K insurance registrations. With 1 week to go, TSLA China 4Q has already exceeded the 2Q quarter Tesla record of 156.7K deliveries.4Q is +17.2% QoQ, +10.1% vs. best quarter and +37.0% YoY.… pic.twitter.com/ZAn4O7PFSw
— Gary Black (@garyblack00) December 26, 2023
The data bodes well for the company as it is due to report its fourth-quarter global delivery numbers early next week. The company’s year-to-date global deliveries total 1,324,074, leaving the company 475,926 units short of hitting the 1.8-million annual delivery goal.
In premarket trading on Tuesday, Tesla rose 0.59% to $254.03, according to Benzinga Pro data. The stock ended Friday’s session down 0.77% at $252.54.
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