Tesla (TSLA.US) stock surges more than 14% today after falling 21% over five straight down days. Today’s upward move appears to be caused by the China Passenger Car Association which released some positive figures regarding Tesla’s performance in February. Tesla delivered 18,318 Shanghai-made Model 3s and Model Ys last month, which is 8% higher compared to the 15,484 vehicles sold in January. This is especially impressive considering the Lunar New Year holiday limited the operations to only about three weeks for Tesla in China in February. Investors expect that the start of Model Y production at Gigafactory Shanghai will boost Tesla’s performance in China.
Meanwhile, the results of the competition are less impressive. Xpeng (XPEV.US) sold 2,223 cars vs. 6,015 in January. Nio (NIO.US) sold 5,578 vs. 7,225 in January. Li Auto (LI.US) delivered 2,300 Li ONEs, down from 5,379 in January. Warren Buffett-backed BYD (BYDDF) sold 10,355 new energy vehicles last month vs. January's 20,178.
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Open account Try demo Download mobile app Download mobile appSeparately, New Street Research upgraded Tesla stock to Buy rating and raised its price target from $578 to $900 per share as firms believe that Tesla will be able to supply two million vehicles, which will provide profit growth twice as much as current expectations.
Tesla (TSLA.US) - buyers managed to defend the key support at $544.70, which coincides with lower limit of the descending channel, and price started a strong recovery during today's session. Currently stock is approaching the upper limit of the aforementioned channel. Should a break above the trendline occur, an upward move may accelerate towards the next resistance zone around $740.31. On the other hand, if sellers will manage to halt declines there, then another downward impulse towards recent lows at $544.70 could be launched. Source: xStation5
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