Tesla extended its 4-day win streak to 13% on Monday amid strong EV sales data from its Chinese competitors.- The sales results from Nio, XPeng, and Li Auto demonstrated continued demand for EVs from Chinese consumers.
- Shares of Tesla were up as much as 5% on Monday and traded above the $700 level for the first time since late April.
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Shares of $4 jumped as much as 5% on Monday, helping it extend a four-day win streak to 13% as strong electric vehicle sales from its Chinese competitors demonstrates continued demand in the sector.
$4 said it delivered 7,931 vehicles in July, representing year-over-year growth of 125%. Meanwhile, $4 and $4 reported record July deliveries of 8,589 and 8,040 vehicles, respectively, representing year-over-year growth of 251% and 228%.
The strong delivery figures bode well for Tesla, which has staked a bulk of its business on the region as it quickly transitions to electric vehicles. Tesla's Shanghai Gigafactory produces the Model Y and Model 3 for the Asia-Pacific market, and while it's still partially under construction, the factory has capacity to build nearly 500,000 vehicles annually.
Investors seem to be shaking off concerns of $4 as EV sales prove too strong to quell. Tesla's China sales represented 30% of its total sales in second quarter. Meanwhile, China's Shanghai factory produced 45% of Tesla's total production for the three months ended June 30, according to $4,
Tesla's 5% surge on Monday helped the stock trade above the $700 level for the first time since late April.