Tesla stock hits 7-month high after record China sales tees-up Q3 earnings

Tesla sold just over 56,000 China-made cars in the world’s biggest market last month, filling in the last data release ahead of next week’s third quarter earnings release.

By Martin BaccardaxThe Avenue

Tue., Oct. 12, 20211 min. learn

Tesla (TSLA) shares hit a seven-month excessive Tuesday after the carmaker defied a though-provoking slowdown in China to file its finest-ever September sales tally from the world’s finest automobile market.

Tesla sold 56,006 of its China-made autos in that market final month, info from the China Passenger Car Association indicated Tuesday, a 27 per cent boost from August and the finest total since the opening of its Shanghai gigafactory in 2019. The figures contrasted sharply to a come 20 per cent decline in total China automobile sales, the fifth consecutive month of declines, as the nation’s energy disaster, and the ongoing semiconductor shortage, lingers over the industry.

Tesla’s September China sales add the final piece of information to its file third quarter deliveries, which rose 73.2 per cent from final one year to 241,300 amid call from founder and CEO Elon Musk to “proceed hardcore” within the face of chip shortages and plant closures.

Tesla acknowledged “present chain and logistics challenges” in its third quarter supply commentary, and thanked customers “for his or her patience” over the quarter, while Musk admitted the carmaker changed into once “working beneath indecent present chain boundaries regarding definite ‘authentic’ automobile chips”, and told traders in July that it might perhaps per chance influence manufacturing charges over the 2nd half of of the one year.

Tesla shares had been marked 2.12 per cent bigger in early Tuesday buying and selling to replace hands at $807.65 (U.S.) every, after hitting a seven-month excessive of $810.25 earlier within the session.

Quick pastime in Tesla remains elevated sooner than its third quarter earnings on October 20, with info from S3 Partners pegging bets against Tesla at spherical $21 billion, or 3.34 per cent of the stock’s prominent waft.

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