Market News

Tesla Sells Record 56,006 China-Made Vehicles in September — Report

Data from the China Passenger Car Association (CPCA) showed that in September Tesla (TSLA) sold a record 56,006 China-made vehicles, according to a report published by Reuters. The figure is the highest since the company started production in Shanghai in 2020.

The data also showed that out of the 56,006 vehicles manufactured in China, 3,853 were exported. The company sold 44,264 China-made vehicles in August, which included 31,379 exports. (See Top Smart Score Stocks on TipRanks)

Headquartered in California, Tesla manufactures and sells electric vehicles, solar energy generation systems and energy storage products. Shares of the company closed 1.7% higher on Tuesday at $805.72.

On October 11, Wedbush analyst Daniel Ives maintained a Buy rating on the stock with a price target of $1,000 (24.1% upside potential).

In a research report, the analyst said, “While the chip shortage has been a clear headwind for Tesla and the overall auto/tech industry, we believe building out manufacturing capacity globally remains a key to Musk & Co. success in 2022 and beyond.”

Overall, the stock has a Hold consensus rating based on 12 Buys, 7 Holds and 7 Sells. The average Tesla price target of $691.71 implies 14.2% downside potential. Shares have gained 80.4% over the past year.

According to TipRanks’ Smart Score rating system, Tesla scores a 6 out of 10, suggesting that the stock is likely to perform in line with market averages.

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