Tesla’s August Sales Zoom Ahead: Elon Musk Claims Shanghai Plant is Revved Up!
Summary
Tesla’s sales in China have taken a joyride in August, hitting the turbo boost with a slick 37% increase over July! That’s right; the electric vehicle powerhouse delivered a whopping 63,456 vehicles domestically and sent 23,241 of those beauties off for global adventures, according to the folks at the China Passenger Car Association (yes, they have a fancy title). Now, before you start polishing your crystal ball, let’s clarify that those sales are still doing the cha-cha down about 2% compared to the dazzling figures of August 2023, when they hit 64,694. And while Elon Musk was socializing on X (formerly known as Twitter, because why not?), he was quick to defend Tesla’s throne in the fierce EV kingdom of China. “Our Shanghai factory is running at max capacity,” he proclaimed, as if that plant was a magical elf working overtime in Santa’s workshop. So, what’s been buzzing in the factory this year? Well, Tesla has sold 587,437 vehicles in China so far in 2024. That’s a slight 6% dip from the same time last year, but they’re really just inching down—like that one coworker who’s always late to the meeting. That’s less than a 1% dip on the domestic side for January to August. August’s electric vibes gave Tesla an EV market share of about 8.3%, which is like bringing an electric guitar to a drum circle. Thanks to five-year, zero-interest loans and some juicy government subsidies (running through the end of September), it’s like a sale at your favorite store—but for cars! Analysts are predicting Q3 deliveries of 458,000 units (that’s what they call a busy quarter!), and Musk is keeping the speedometer up high in light of competition. After all, nobody wants to be the tortoise in a race full of hares. Amid the ups and downs, Tesla’s stock has also taken a rollercoaster ride; it climbed up 3.4% to settle at 218.09 after a rough patch last week. Sunny weather one day, storms the next—it’s like trying to predict Seattle’s forecast. The stock has its eyes on the prize but recently dipped below its 50-day average. Remember the rule: when you’re climbing out of a bear pit, pacing is key! Current data ranks Tesla as third in the 35-player Auto Manufacturers league (go team!). The stock boasts a 65 Composite Rating, a 63 Relative Strength Rating, and a 57 EPS Rating. So, while the competition revs their engines, Tesla seems set to keep cruising along, leaving us all wondering what twist and turn they’ll take next! Stay tuned, folks!
Original Source: www.investors.com
