Why Tesla Shares Are Rebounding Premarket Today

After Monday’s slump of over 6% in reaction to first-quarter deliveries, Tesla, Inc. TSLA shares are on the mend.

In premarket trading, the EV maker's stock rose 1.05% to $196.82, according to Benzinga Pro data.

Some of the strength in premarket trading is attributable to bargain hunters seeking to buy up taking advantage of the recent weakness.

Also, Tesla’s China wholesale sales clocked their second-best levels in March, preliminary data released by China Passenger Car Association showed, CnEVPost reported.

Made-in-China Tesla car sales climbed over 35% year-over-year to 88,869 units. The month-over-month increase was a more modest 19.44%. CPCA will release a more detailed report with a breakup between domestic sales and exports later this week.

The March tally represented the most since the 100,291 units it delivered in November.

Warren Buffett-backed BYD Company Limited BYDDY BYDDF reported over the weekend that its March deliveries of pureplay EVs came in at 102,670 units. Taking plug-in hybrids also into account, BYD’s new-energy passenger vehicle sales came in at 206,089 units.

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See Also: Everything You Need To Know About Tesla Stock