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Tesla Stock Lower Following Solid August China Sales Data

·2 min read
Tesla Stock Lower Following Solid August China Sales Data

Tesla shares moved lower Thursday following data from China indicating a solid improvement in August sales and exports as production at its key Shanghai factory accelerated from its summer lull. Tesla sold 77,000 China-made cars last month, the China Passenger Car Association (CPCA) said Thursday, a 74% increase over the same period last year. The August figures, however, while also firmly higher than the 28,000 total recorded in July when Tesla's Shanghai gigafactory was idled for scheduled maintenance, essentially only matches the 78,000 tally from June and suggests growth rates will be challenging in the world's biggest car market as the economy slows and buyers trim spending.