Elon Musk's Tesla Sales Surge 3.7% In China As Other Markets Cool

Tesla Inc. TSLA experienced a surge in sales in China during the month of June amid declining sales in other markets.

What Happened: Elon Musk's EV giant sold 61,000 units in the Chinese domestic market, a 3.7% YoY increase from the same time last year, according to data obtained by Reuters on Thursday.

Tesla sales also jumped 59% in China when compared to sales in May, the report suggests.

Why It Matters: The news comes as Tesla reported better-than-expected Q2 delivery results with over 384k deliveries, largely driven by the Tesla Model 3 and the Tesla Model Y.

The sales surge in China could provide a major boost to Musk and Tesla amid a 60% decline in Swedish and Danish sales, as well as poor sales figures in Canada.

The news also coincides with Musk assuming oversight of Tesla's sales operations in the West in Europe and the U.S. after Omead Afshar's exit from the company.

Tesla offers satisfactory Momentum and Quality, while scoring well on the Growth metric, but the stock offers poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!

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