Tesla Inc (NASDAQ:TSLA) shares are trading higher Friday after the China Passenger Car Association (CPCA) reported that the company sold 78,906 China-made vehicles in June, representing an increase of 138% year-over-year.
According to a Reuters report citing the CPCA, Tesla’s June results represent its highest monthly sales of China-made vehicles since opening Giga Shanghai in 2019. Tesla CEO Elon Musk ramped up production efforts at the plant following extended COVID-19 lockdowns in the country.
The 78,906 China-made vehicles in June included 968 for export. In May, Tesla sold 32,165 vehicles and exported 22,340 of them.
China’s overall passenger car sales in June reached 1.97 million, an increase of 22% year-over-year, according to the CPCA. The vehicle association reportedly expects sales in July to jump around 20% from the prior year. The CPCA also suggested that demand could continue to strengthen throughout the rest of the year.
Related Link: Tesla’s China Made Vehicle Deliveries Jump 145% In June Signaling Recovery, Pent-Up Demand
TSLA Price Action: Tesla has a 52-week high of $1,243.49 and a 52-week low of $620.46.
The stock was up 3.54% at $759.79 at press time, according to data from Benzinga Pro.
Photo: courtesy of Tesla.
