Tesla and Nio shares bounce on upbeat China car sales data

Tesla Inc. TSLA shares,
it rallied 5.6% in pre-market trading on Tuesday, after falling 21.6% amid a five-day losing streak through Monday, following upbeat data for car sales in China. The China Passenger Car Association said electric vehicle sales in February increased more than seven times from the previous year, while falling 38% from January, to 97,000 electric vehicles. Tesla sold 18,318 electric vehicles in February, which Wedbush analyst Dan Ives said was up 18% from January and puts Tesla’s sales in China “on a strong track” through March. “Considering the Lunar New Year in China, which took up part of February, we would characterize these February results as quite impressive and ahead of street expectations,” Ives wrote. He kept his stock price target at $ 950 and the rating at neutral. Separately, the shares of China-based electric vehicle maker Nio Inc. NIO,
it rallied 5.9% before the open, after falling 29.2% amid a five-day losing streak through Monday, which followed a 19.7% drop in February. Among other China-based electric vehicle manufacturers, XPeng Inc. shares XPEV,
jumped 6.3% and Li Auto Inc. LI,
rose 5.6%. Stock rallies occur as ES00 futures,
+ 0.91%
for the S&P 500 SPX,
it gained 1.1% before opening.


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