China Sales Drive Tesla Shares Up Two Days in a Row

  • Tesla shares rising for two days in a row
  • Strong sales in China boosting Tesla’s performance
  • Retail sales data shows 12,500 cars sold in China last week, totaling almost 160,000 units this quarter
  • Possibility of hitting 200,000 sales in Q3, a record
  • Tesla’s best quarterly sales in China were in Q4 2023 with 170,000 vehicles sold
  • Low interest rates driving volume, according to Citi analyst Jeff Chung
  • Tesla stock up 80% from April low of $138.80 a share

Tesla shares have been on an upward trend, with the electric-vehicle maker recording gains for two consecutive days. The strong sales performance in China is contributing to this growth. Last week, Tesla sold approximately 12,500 cars, bringing its quarterly total to nearly 160,000 units. With just a couple of weeks left in the quarter, there’s a possibility that Tesla could hit 200,000 sales, setting a new record. The company’s best quarterly performance in China was during Q4 2023 when it sold around 170,000 vehicles. Analyst Jeff Chung of Citi attributes the growth to low interest rates driving volume. Despite a 7% drop in sales in the first half of 2024, Tesla’s stock has made a remarkable comeback, rising about 80% from its April low of $138.80 per share.

Factuality Level: 7
Factuality Justification: The article provides accurate and objective information about Tesla’s stock performance and sales figures in China, as well as Wall Street’s expectations for the third quarter. However, it contains some minor inconsistencies with dates (e.g., mentioning fourth-quarter of 2023 and first half of 2024) which may cause confusion.
Noise Level: 3
Noise Justification: The article provides some relevant information on Tesla’s stock performance and sales figures in China but is mostly focused on reporting market trends without offering much analysis or insight. It lacks context and fails to explore the consequences of decisions or provide actionable insights.
Public Companies: Tesla (TSLA)
Key People: Jeff Chung (Analyst at Citi)

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Financial Relevance: Yes
Financial Markets Impacted: Tesla stock and Wall Street’s expectations for Tesla’s car sales
Financial Rating Justification: The article discusses Tesla’s stock performance, its sales in China, and the impact on investor sentiment in financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the text and it focuses on Tesla’s stock performance and sales figures.
Move Size: 1.4%
Sector: Technology
Direction: Up
Magnitude: Large
Affected Instruments: Stocks

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