Benzinga - Tesla (NASDAQ: TSLA) shares are trading higher following reports of retail sales data showing the company could report strong China sales. Additionally, Moody’s upgraded the company’s credit rating.
The Details: According to Reuters, Tesla sold 106,915 retail units in China between Jan. 1 and March 19, an average of 1,371 cars per day and one of its best quarterly performances in the country so far. Tesla also achieved record sales in Q4, selling 122,038 cars. This comes after Tesla slashed prices on its best-selling models by as much as 13.5% in January in order to defend market share in the country.
Tesla’s sales in the first two months accounted for 7.9% of China’s new energy car sector, up from 6.8% during the same period last year. Per Reuters, the company has focused more on marketing its energy-efficient and practical features, such as extra storage space and safety, to lure more pragmatic customers in China.
Additionally, Moody’s upgraded the company’s credit rating, assigning a Baa3 rating and withdrawing the Ba1 corporate family rating, the Ba1-PD probability of default rating, as well as the SGL-1 speculative grade liquidity rating. Moody’s describes Tesla’s outlook as “stable,” citing the company’s expanding global presence, high profitability, prudent financial policy, and strong management operational track record.
Tesla is a vertically integrated sustainable energy company that also aims to transition the world to electric mobility by making electric vehicles. The company sells solar panels, solar roofs for energy generation, and batteries for stationary storage for residential and commercial properties, including utilities.
According to data from Benzinga Pro, Tesla shares were up 5.53%, trading at $193.50 at the time of publication. The stock has a 52-week high of $384.15 and a 52-week low of $101.84
Image courtesy of Tesla, Inc.
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