Tesla Inc. (NASDAQ:TSLA) and its Chinese mega-rival BYD Co. (OTCMKTS:BYDDF) are neck and neck in competition, both having broken their respective delivery records last month. New data by the China Passenger Car Association shows that Tesla, the world’s largest electric vehicle (EV) maker, made a record number of deliveries in China in September, the same month that BYD also made its highest number of EV deliveries.
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Tesla’s Shanghai plant churned out more than 83,000 Model 3s and Model Ys for delivery in September, which crossed the previous record-high figure of 78,906 achieved in June this year. On the other hand, BYD delivered nearly 95,000 EV deliveries during the month, which was also a record-breaking number for the carmaker.
Tesla, which was once the largest EV producer in China, has been working on getting its leading position back in the Chinese market after suffering COVID-19-related production setbacks in the country. However, Elon Musk’s company upped the ante by updating its Shanghai factory when BYD deserted its gasoline-run vehicle production to shift entirely to making EVs (or new-energy vehicles, as the Chinese government prefers to call them).
The factory upgrade in July increased the weekly output capacity to about 22,000 units, up from the 17,000 units recorded in June, per a previous Reuters report.
Is Tesla a Buy or Sell?
Wall Street is cautiously optimistic about TSLA stock, with a Moderate Buy consensus rating based on 18 Buys, seven Holds, and five Sells. The average price target on Tesla stock is $304.15, indicating an upside potential of 36.4% from current levels.
