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Tesla shares hit an eight-month high on Wednesday, company sells record number of China-produced vehicles in September

According to data from the China Passenger Car Association (CPCA), Tesla Inc (TSLA) sold over 56,000 locally-made electric vehicles in September, or the most since the company initiated production in Shanghai nearly two years ago.

Of that total, the electric car maker exported 3,853 vehicles from its Shanghai facility, where it assembles Model 3 sedans and Model Y sport-utility vehicles.

In August, Tesla sold 44,264 China-produced vehicles, out of which 31,379 units were exported.

The US company’s passenger car sales in the Asian country, however, went down 17% year-on-year to 1.6 million units in September.

Meanwhile, Tesla’s global deliveries reached the record 241,300 vehicles between July and September and represented a 73% increase compared to the same period a year earlier.

Tesla shares closed higher for a third consecutive trading session on NASDAQ on Wednesday. The stock went up 0.67% ($5.36) to $811.08, after touching an intraday high at $815.34. The latter has been a price level not seen since February 16th ($821.00).

Shares of Tesla Inc have risen 14.94% so far in 2021 compared with a 16.18% gain for the benchmark index, S&P 500 (SPX).

In 2020, Tesla Inc’s stock went up 743.40%, thus, it outperformed the S&P 500, which registered a 16.26% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 12 out of 26 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 7 – as “Hold”. The median price target on the stock stands at $691.71.

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