Tesla’s (NASDAQ: TSLA) vehicle sales soared by 18% month-over-month in January to 66,051 vehicles, as data from the China Passenger Car Association indicated on Friday. Sales grew 10% year-over-year in January.
Earlier this month, Reuters reported that the EV major is planning to ramp up its production output at its Shanghai plant over the next two months as its price cuts have stoked demand for its vehicles in China.
After Tesla, the Warren Buffet-backed BYD had the second-best vehicle delivery numbers in China as sales soared 62.4% year-over-year.
When it comes to Chinese EV makers, Li Auto (LI) had better vehicle delivery numbers as compared to XPeng (XPEV) and NIO (NIO) in the month of January.
Analysts are cautiously optimistic about TSLA stock with a Moderate Buy consensus rating based on 21 Buys, seven Holds, and three Sells.