Resurgence of Tesla China sales; stock outperforms and reclaims USD 800 mark!

So, let's know what CPCA data has to say about Tesla buzz!

In the US, the stock of Tesla hogged the limelight on Tuesday as it advanced 1.74 per cent and reclaimed its important psychological mark of USD 800. The stock recorded its highest closing since February 16, 2021. With this, the company’s market cap moved above the USD 800 billion mark for the first time since mid-February 2021.   

So, what’s the buzz in Tesla?  According to China Passenger Car Association (CPCA), the US electric vehicle (EV) maker sold a record approximately 56,006 China-made vehicles, which is up by 27 per cent on a month-on-month basis. Interestingly, in China alone, Tesla sold a total of 52,153 vehicles and exported about 3,853 units. Further, CPCA reported Tesla Model Y: sold 33,033 units while Tesla Model 3 sold 19,120 units.   

In the last one year, the stock is up by 80 per cent while on a YTD basis, it has gained 10.41 per cent.   

The stock is trading above its 20 and 200-DMA and interestingly, both are in the desired sequence and are trending up. The 14-period RSI is in bullish territory.