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Author: Alan LittleDate: 2022-01-12

Tesla (TSLA) +0.59% following record December sales in China

Tesla (TSLA) traded 0.59% up on Tuesday after new data from the CPCA showed that it had shifted a record 70,000+ electric vehicles in China during December.

Tesla (TSLA) shares climbed 0.59% on Tuesday after new data showed that the electric car maker sold a record number of vehicles in China last month and Morgan Stanley increased its price target.

Tesla was able to sell 70,847 cars in the world’s biggest vehicle market in December, according to the China Passenger Car Association (CPCA), which is around three times higher than the figure from 2020.

After concerns several months ago that the Elon Musk-helmed company might be losing steam in China, Tesla has bounced back and now looks set for a strong year in the country.

Its global outlook is also rosy after Tesla revealed last week that 308,600 units were shifted during the three months to 31st November, a figure that was up 70% year-over-year.

Tesla is accustomed to breaking delivery records now, having posted six consecutive quarterly all-time highs, and it ended 2021 with more than 936,172 vehicle sales.

While not directly related to the latest update, Morgan Stanley analyst Adam Jonas set a $1,300 price target for Tesla on Tuesday, up $100 from his previous forecast.

Jonas believes that Tesla is “accelerating its lead” in the EV sector and that while it may not be its number one pick in that sector, it remains a must buy for investors.

He added: “Not owning Tesla means not owning the one company that could make all other EV names obsolete.”

Meanwhile, the importance of China sales cannot be understated, according to Wedbush analyst Dan Ives, as it could account for 40% of Tesla’s deliveries by the end of this year.

After a brief wobble in early trading on Tuesday, TSLA rallied and was up 0.59% at $1,064 on the Nasdaq.

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