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Tesla shares close higher on Tuesday, auto maker reports the most battery-electric vehicle registrations in Germany, outpacing Volkswagen

Tesla Inc (TSLA) reported the most registrations of battery-electric vehicles in Germany during the first nine months of 2022 – about 38,500, as it outpaced the Volkswagen (VOWG) brand by over 6,000 vehicles.

Tesla’s battery-electric vehicle registrations were almost 50% more compared to the January-September period of 2021, while Volkswagen’s registrations were 40% fewer to about 32,300.

Among Volkswagen Group brands, Audi and Seat were the only ones to report an increase in the number of battery-electric cars registered in Germany, the data from the federal motor transport authority revealed.

Volkswagen Group’s worldwide deliveries of its battery-electric vehicles went up 25% in January-September compared to the same period a year earlier.

Tesla has seen record deliveries globally, but just like Volkswagen, faced logistical challenges.

Tesla shares closed higher for a second consecutive trading session on NASDAQ on Tuesday. The stock went up 0.38% ($0.84) to $220.19, after touching an intraday high at $229.82. The latter has been a price level not seen since October 7th ($234.57).

The shares of Tesla Inc have retreated 37.49% so far in 2022 compared with a 21.95% 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 19 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 $325.34.

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