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Tesla shares close higher on Tuesday, auto maker sells 59,845 China-produced vehicles in January

The China Passenger Car Association said earlier this week Tesla Inc (TSLA) had sold 59,845 China-produced vehicles in January.

That followed 70,847 China-made vehicles sold in December.

Tesla is manufacturing Model 3 sedans and Model Y Sport-utility vehicles at its Shanghai facility.

The CPCA said China-based passenger car sales totaled 2.11 million units in January, while marking a drop of 4.5% compared to January last year.

Chinese electric vehicle maker Nio Inc sold 9,652 cars last month, or 33.6% more compared to a year earlier, while Xpeng Inc sold 12,922 vehicles.

Tesla shares closed higher for a second consecutive trading session on NASDAQ on Tuesday. It has also been the sharpest single-session gain since January 31st. The stock went up 5.33% ($46.67) to $922.43, after touching an intraday high at $923.00. The latter has been a price level not seen since February 10th ($943.81).

Shares of Tesla Inc have retreated 12.71% so far in 2022 compared with a 6.19% loss for the benchmark index, S&P 500 (SPX).

In 2021, Tesla Inc’s stock went up 49.76%, thus, it outperformed the S&P 500, which registered a 26.89% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 17 out of 30 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 7 – as “Hold”. The median price target on the stock stands at $1,107.50.

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