Tesla Inc CEO Elon Musk poses with Tesla China-made Model 3 vehicle owners onstage during a delivery event at its Shanghai factory in China January 7, 2020.Tesla saw a large increase in China sales in May over April, a trade group said Monday. Shares of Tesla surged Monday on the news. U.S. electric vehicle maker Tesla sold 11,095 Shanghai-made Model 3 vehicles in China in May, more than triple the volume seen in April, according to the China Passenger Car Association .
Tesla sold 3,635 vehicles in April, down from around 10,160 units in March, CPCA data showed. CPCA uses a different counting method than Tesla's deliveries.The jump comes as China, the world's largest automotive market, posted its first month-over-month sales gain in almost a year. Sales of cars, SUVs and other vehicles jumped hit 1.64 million in May, a 1.9% uptick from a year earlier and the first increase since Jun 2019, the CPCA said.
Tesla's stock price jumped as much as 5.4% to a new all-time high in trading Monday following the data's release. "Strong Model 3 demand out of China remains a ray of light for Tesla in a dark global macro and appears to be on a run rate to hit 100k unit deliveries in the first year out of the gates for Giga 3 which is driving some strength for Tesla as well as Model Y deliveries starting to ramp as well," Dan Ives, an analyst at Wedbush, said in a note to clients.
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