What's Going On With Tesla Stock Tuesday?

Tesla, Inc. TSLA shares are moving lower on Tuesday after its China-made electric vehicle (EV) sales dropped in February.

What To Know: According to data from the China Passenger Car Association, Tesla sold 30,688 China-made EVs in February, down 49.2% compared to last year, per Reuters.

Furthermore, sales of China-manufactured Model 3 and Model Y vehicles declined by 51.5% month-over-month.

Researcher Troy Teslike, who follows Tesla’s delivery and production numbers, believes this data is unimportant. The researcher suggests that export figures alone may not accurately reflect Tesla’s sales performance.

Specifically, a decrease in exports doesn’t necessarily indicate weak sales, as the company might have substantial inventory available. Conversely, high export numbers don’t guarantee strong sales, since exported vehicles could remain in inventory for months.

Amid a sharp decline in sales of China-made EVs, B of A Securities analyst John Murphy maintained a neutral rating on Tesla and lowered the price target from $490 to $380.

Related Link: This Tevogen Bio Holdings Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Tuesday

TSLA Price Action: At the time of publication, Tesla stock is trading 6.8% lower at $265.37, according to data from Benzinga Pro.

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