Tesla (NASDAQ: TSLA) sold a record monthly high of 100,291 vehicles in China in the month of November, a jump of 89.7% year-over-year and an increase of 39.8% from the month of October, according to CnEV Post.
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Between the period of January to November, Tesla sold 655,069 vehicles in China, up 62.8% from 402,231 in the same period last year.
Tesla’s Shanghai plant produces the Model 3 sedan as well as the Model Y crossover. According to CnEV Post, Tesla usually produces cars for export in the first half and cars for local delivery in the second half of every quarter at this plant.
However, a Bloomberg report on Monday stated that TSLA could be looking at lowering production at its Shanghai plant. These production cuts could come into effect as soon as this week, the report said.
Tesla’s production at the Shanghai plant could be slashed by around 20% from full capacity “which is the rate at which the factory ran in October and November,” Bloomberg reported.
Wall Street analysts are cautiously optimistic about TSLA stock with a Moderate Buy consensus rating based on 18 Buys, eight Holds, and two Sells.