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Tesla (TSLA) -1% despite 50% growth in car sales in China
Green energy carmaker Tesla (TSLA) traded 1% lower on the Nasdaq in midweek despite new data from the CPCA showing a 50% rise in sales in China for August.
Tesla (TSLA) shares traded 1% down on Wednesday despite encouraging new data that showed that 50% more of its electric vehicles were sold in its key Chinese market last month.
Consumers in China bought 12,885 Tesla models during August, according to the latest figures published by the China Passenger Car Association (CPCA) in midweek.
That figure was a notable bump from July and looks even more impressive when set against a 15% overall drop in monthly sales in what is now the largest automobile market in the world.
Tesla sold a further 31,379 vehicles manufactured in China but exported elsewhere despite a recent report by Bloomberg stating that the global shortage of semiconductor parts had caused havoc at its Shanghai gigafactory.
It seems that the supply line is running smoothly enough for now, though Tesla CEO Elon Musk warned last month that the “extreme” limitations could hit production rates during the final months of 2021.
“It is difficult for us to say how long this will last because [it’s] out of our control essentially. It does seem like it’s getting better, but it’s hard to predict,” Musk said during the summer.
Tesla is also contending with greater scrutiny from Beijing with regard to data privacy and a hit to its brand image following the recall of thousands of vehicles due to a software problem.
Outside of China, Tesla has been building momentum throughout the year, as evidenced by the 122% rise in deliveries and a healthy $1.142bn profit recorded in Q2.
Group revenues also soared 98% to almost $12bn, topping Wall Street forecasts easily.
Tesla shares fell on Wednesday though with the 0.88% retreat by early afternoon setting a new $746.29 price on the Nasdaq.
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