Tesla shares close higher on Tuesday, auto maker sells 56,515 China-produced vehicles in February

The China Passenger Car Association said earlier this week Tesla Inc (TSLA) had sold 56,515 China-produced vehicles in February.

That followed 59,845 China-made vehicles sold in January.

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 1.27 million units in February, while marking an increase of 4.7% compared to February last year.

Chinese electric vehicle maker Nio Inc sold 6,131 cars last month, or 9.9% more compared to a year earlier, while Xpeng Inc sold 6,225 vehicles.

Tesla shares closed higher for the fifth time in the past ten trading sessions on NASDAQ on Tuesday. It has also been the sharpest single-session gain since February 28th. The stock went up 2.46% ($19.82) to $824.40, after touching an intraday low at $782.17. The latter has been a price level not seen since February 24th ($700.00).

Shares of Tesla Inc have retreated 21.99% so far in 2022 compared with a 12.50% 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 15 out of 28 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 7 – as “Hold”. The median price target on the stock stands at $1,068.40.