Key Points
- Sales Chinese-made Tesla electric vehicles soared in May and were up 142% over the same period in 2022.
- COVID-19 restrictions had limited Tesla production in 2022.
- The sales report came after CEO Elon Musk visited China last week.
Tesla (TSLA) shares rose Monday after authorities in China announced that sales of the electric vehicle (EV) maker's cars made in that country rose 142% in May compared to the same period a year ago.
The China Passenger Car Association said Tesla sold 77,695 electric vehicles produced there in May, a 2.4% increase from April and a whopping 142% jump from 32,165 in 2022 , when COVID-19 lockdowns in Shanghai, where Tesla's factory is located, limited production. The total included sales in China and exports.
The data came after CEO Elon Musk's trip to China last week, where he met with several officials, including Chinese Foreign Minister Qin Gang. Qin told Musk that his country has “broad development prospects” for the electric vehicle market. Musk reportedly said he was open to expanding Tesla's operations in China.
Tesla opened the first establishment wholly foreign – car factory in China in 2019 after Beijing eased ownership restrictions to boost competition and accelerate industrial development.
Tesla shares were at most high level since November.
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Source: investopedia.com
