Tesla Inc.’s TSLA China sales climbed solidly in February, thanks to a series of downward price adjustments the electric vehicle maker has been implementing since late last year.
What Happened: Tesla’s February sales rose 31.7% year-over-year to 74,402 units, preliminary data released by the China Passenger Car Association showed, Reuters reported. The number, however, pales below the record 100,291 sales reported in November 2022.
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February’s tally marked a 12.6% increase from a month ago.
The break-up between the domestic sales and exports will likely be released by CPCA next week.
Why It’s Important: Weekly insurance data released by the China Merchants Bank International this week showed that sales for the week ended Feb. 20 rose to the highest since the week of Jan. 9. The average daily sales for the year-to-date period, however, trailed the pace seen in October and November.
After the China Lunar New Year holidays, Tesla has been looking to accelerate the production rate of the Giga Shanghai, a separate Reuters report said in early February.
Warren Buffett-backed BYD Company Limited BYDDY BYDDF reported February deliveries of 90,639 EVs. Taking into plug-in hybrids, sales totaled 191664 units. Smaller peers Nio Inc. NIO and Li Auto Inc. LI reported sales that nearly doubled from a year ago.
Price Action: Tesla shares were rising 2.25%, to $195.19, according to Benzinga Pro data.
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