Tesla Stock Bucks Wall Street Pessimism: What's Going On Premarket?

Shares of electric-vehicle maker Tesla, Inc. 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. NIO, XPeng, Inc. XPEV, and Li Auto, Inc. 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.

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%.

See Also: Everything You Need to Know About Tesla Stock