Tesla Inc. TSLA shares,
jumped 5.6% in Tuesday’s premarket after falling 21.6% amid a series of five-day losses on Monday, after optimistic data from China’s car sales. The China Passenger Car Association said sales of electric vehicles in February increased more than seven times over the previous year, while they fell 38% in January, to 97,000 electric vehicles. Tesla sold 18,318 EVs in February, which Wedbush analyst Dan Ives said is 18% above January and puts Tesla’s sales in China “on a strong track” in March. “Considering the Lunar New Year in China, which occupied a part of February, we would characterize the results of February as quite impressive and ahead of Street’s expectations,” wrote Ives. He kept the stock price target at $ 950 and rated neutral. Separately, the shares of the China-based EV manufacturer Nio Inc. NIO,
rose 5.9% before opening, after falling 29.2% amid a five-day losing streak on Monday, which followed a 19.7% drop in February. Among other EV manufacturers based in China, the shares of XPeng Inc. XPEV,
jumped 6.3% and Li Auto Inc. LI,
rose 5.6%. The rise in stocks comes as ES00 futures,
for the S&P 500 SPX,
gained 1.1% before opening.
