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Tesla China Car Registrations Buck Industry Slump In March

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Shanthi Rexaline
·1 min read
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Tesla Inc's (NASDAQ: TSLA) Chinese operations are up and running in full swing, as evident by data released by auto consultant firm LMC Automotive.

Reuters reported the electric vehicle maker's car registrations in China rose 450% to 12,709 units in March.

The numbers appear commendable, as Tesla's manufacturing in China took a hit in the aftermath of the COVID-19 pandemic. The company's Shanghai Gigafactory resumed production in full capacity only in late February following nearly a month-long disruptions.

In comparison, U.S.-listed Chinese EV maker Nio Inc (NYSE: NIO) reported vehicle deliveries of 1,533 in March, a 116.8% month-over-month increase.

Tesla also seems to be bucking the industry-wide slump, as overall auto sales in China declined 43.4% in March, as cautious consumers tighten their purse strings.

Tesla's stock has been on a roll this week, moving higher by more than 20% in just two trading sessions. The stock traded around $739 per share at time of publication.

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