Future Fund LLC's managing director, Gary Black, hailed Tesla Inc.'s TSLA sales in the Chinese domestic market as Elon Musk's EV giant gains momentum.
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What Happened: The investor took to social media platform X on Tuesday to share the data in a post. "Tesla China reported a strong 12.3K insured registrations for the week of July 7-13," he said in his post.
The investor added that the figures indicated it was the "highest second week" of the quarter of all time for Tesla in China. "After two weeks. 3Q is +92% QoQ and -3% YoY," Black said in the post.
Why It Matters: The news comes after Tesla reported a 75% plunge in sales in China during the first week of July as the company recorded 5,010 insured registrations.
The poor performance in the first week was followed by Tesla reporting a better-than-expected Q2 delivery performance, with 384,212 units sold in the second quarter of the year, with the Model 3 and the Model Y driving up sales.
Elsewhere, electric vehicle sales soared 24% in June throughout the globe. However, President Donald Trump's budget cuts and axing incentives aimed to drive EV adoption led to a slowdown in EV sales in North America.
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