Shares of EV major, Tesla (NASDAQ: TSLA) were on an upswing in pre-market trading on Tuesday following different developments that cheered investors. Even as Moody’s upgraded the company’s credit rating, Tesla’s sales jumped 50% year-over-year to 19,249 in February, according to data from the European Automobile Manufacturers Association (ACEA).
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Tesla’s market share of the BEV–fully electric vehicle market inched up to 19.8% in February from a share of 18.5% in the same period last year. The company also grabbed a share of 2.4% of the total EU passenger car market last month versus 1.8% in the same period last year.
The company is also likely to do well in China in the first quarter, which could very well turn out to be one of its best quarters there. According to a Reuters report, citing data from the China Merchants Bank International, the EV maker sold 106,915 units in China from January 1 to March 19, or 1,371 units per day on average. In contrast, Tesla sold 122,038 cars in the fourth quarter.
Overall, analysts are cautiously optimistic about TSLA stock with a Moderate Buy consensus rating based on 20 Buys, 10 Holds, and three Sells.