Tesla Reports Best Sales Month in China; Stock Sees Slight Gains

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Tesla Reports Best Sales Month in China; Stock Sees Slight Gains

Tesla (NASDAQ:) reported its best sales month of the year in China for August 2024, while its stock continues to show volatility in the market. The EV firm sold 37% more cars than in August, making it the company’s best sales month in China so far in 2024.

Tesla’s China Sales Rebound from July, Numbers Up 37%

In August 2024, Tesla sold over 63,000 cars in China, marking a 37% increase from July and its strongest month in the country this year.

The company’s China-made vehicle sales, including exports, grew 3% year-over-year to 86,697 units. Deliveries of locally produced Model 3 and Model Y vehicles saw a 17% boost from the previous month.

Despite these gains, August sales were slightly down compared to the same ******* last year, when Tesla sold 64,694 units. The company’s performance in China during the first half of 2024 had declined by 5% year-over-year, making the August rebound particularly significant.

Tesla’s growth in smaller ******** cities has been noteworthy, with a 78% year-on-year increase in deliveries to tier-three cities and a 47% rise in second-tier cities like Hangzhou and Nanjing, based on July data.

To adapt to the ******** market, Tesla has implemented strategies such as offering zero-interest loans for up to five years and benefiting from local government policies that make its vehicles eligible for official purchases. The company also plans to produce a six-seat variant of the Model Y in China starting in late 2025.

Tesla Stock Sees Slight Gains in Premarket Trading

As of the most recent trading session, Tesla’s stock closed at $214.11, up 3.80% for the day. In pre-market trading, the stock was further up by 0.70% to $215.60. The company’s market capitalization stands at $684.004 billion, with a trailing P/E ratio of 60.14 and earnings per share of $3.55.

While Tesla has significantly outperformed the in 5-year returns (1,348.58% vs. 93.14%), it has underperformed the index in year-to-date, 1-year, and 3-year returns. The stock’s high forward P/E of 94.34 suggests strong growth expectations from investors.

Analyst price targets for TSLA stock range widely from $24.86 to $310.00, reflecting diverse opinions on the company’s future performance. Tesla maintains a healthy profit margin of 13.00% and a substantial cash position of $30.72 billion, providing financial flexibility for future investments and expansion.

***

Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our

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