Tesla Rallies Above February Record on China Sales Recovery
(Bloomberg) -- Tesla Inc. rallied above its record closing high after data showing sales in China rebounded in May.
Car sales in China rose last month for the first time in almost a year and Teslas were the top-selling new-energy vehicles with more than 11,000 units sold, according to the China Passenger Car Association. The electric-vehicle maker’s shares gained as much as 5.4% to $933.44 on Monday, surpassing February’s all-time high closing price.
Registrations of Tesla vehicles in China rose to a record in March after the company resumed production at its Shanghai plant that was temporarily idled because of the coronavirus pandemic. In April, registrations of Tesla vehicles fell to 4,633, compared with 12,710 the month before. The Palo Alto, California-based company has cut prices in China twice in the past two months.
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