BREAKING: Tesla's China Sales Jumped 85.5% In March

Tesla Inc TSLA reported higher sales for locally made electric vehicles in China last month, according to multiple reports on Sunday, citing the China Passenger Car Association (CPCA).

What Happened: Austin, Texas-based Tesla sold 65,814 China-made electric vehicles in March, a jump of 85.5% year-on-year and a rise of 16.5% over February, CnEVpost reported.

Tesla sold 35,478 vehicles in March last year in China and 56,515 vehicles in February this year.

The Elon Musk-led company shipped only 60 vehicles in March, the report said.

See Also: Tesla Giga Shanghai Said To Remain Shut Amid COVID-19 Lockdowns

Why It Matters: Tesla’s Giga Shanghai commenced production in December 2019, a year after construction began at the site. The site, which contributed to 52% of Tesla’s global deliveries last year, has been making the Model 3 electric sedan and the Model Y sport-utility vehicles at the Shanghai gigafactory.

Built with an investment of $2 billion, the manufacturing site has quickly become a key element in Tesla's production strategy.

Price Action: Tesla shares closed 3% lower at $1,025 a share on Friday.

Photo: Courtesy of Tesla