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Tesla sells 88,869 China-produced vehicles in March

According to the latest data by the China Passenger Car Association, Tesla Inc (TSLA) delivered 88,869 units of its China-made Model 3 and Model Y electric vehicles in March for both domestic sales and exports.

That figure represents a 19.4% surge compared to February sales numbers and a 35% increase compared to March 2022.

Tesla’s China rival BYD sold 206,089 units of its Dynasty and Ocean series of EVs and hybrids in March, or a 97.5% year-over-year increase.

Tesla reported over the weekend record first-quarter vehicle deliveries internationally, 422,875 units or an increase by 36% compared to the same period a year earlier.

Still, quarter-over-quarter sales growth was more modest, 4%, despite price reductions and due to intensifying competition and a bleak macroeconomic outlook.

The shares of Tesla Inc (TSLA) closed 1.12% ($2.19) lower at $192.58 on Nasdaq on Tuesday, while extending the loss from the previous trading session.

The electric vehicle maker’s total market cap now stands at $649.17 billion.

The shares of Tesla Inc went down 65.03% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).

Analyst stock price forecast and recommendation

According to TipRanks, at least 20 out of 33 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 10 – as “Hold”. The median price target on the stock stands at $219.57.

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