Tesla’s China-Made Vehicle Sales Fall to Nearly 60,000 in January — Report

The China Passenger Car Association (CPCA) has said that EV giant Tesla, Inc. (NASDAQ: TSLA) sold 59,845 locally-manufactured vehicles in the month of January, according to a report published by Reuters.

In December, the company had sold 70,847 vehicles made in China.

Tesla produces Model 3 sedans and Model Y SUVs in Shanghai.

About Tesla

Based out of Texas, Tesla manufactures and sells fully electric vehicles, solar energy generation systems and energy storage products. It also operates a network of vehicle service centers and Supercharger stations.

TSLA stock closed almost 5% lower on Friday. It was trading 0.6% down in the pre-market session on Monday, at the time of writing.

Analysts’ Take

On February 14, Piper Sandler (NYSE: PIPR) analyst Alexander Potter maintained a Buy rating on the stock and increased the price target to $1,350 from $1,300 (57% upside potential).

In a research note to investors, Potter said, “Model Y is the biggest near-term growth driver, while chip supply is the limiting factor.”

At the beginning of the month, Jairam Nathan of Daiwa reiterated a Hold rating on the stock and lowered the price target from $1,150 to $980 (14% upside potential).

Nathan said, “The lack of new products from Tesla even as competitors introduce EVs at a torrid pace is raising concerns over the company’s ability to sustain its leadership position.”

Additionally, “margin pressures from a slower ramp-up at new factories could pose risks to near-term expectations.”

Overall, the stock has a Moderate Buy consensus rating based on 17 Buys, 7 Holds and 6 Sells. The average TSLA price target of $1,107.50 implies 28.8% upside potential. Shares have gained 32.2% over the past six months.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Tesla’s performance.

According to the tool, compared to the previous year, Tesla’s website traffic has registered a 36.6% decline in global visits year-to-date.

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