Tesla’s China sales rebounded in May
The company sold 33,463 electric cars in May, up 29% from April’s 25,845 units
Stocks impacted: Tesla Inc. (TSLA)
Tesla Inc.’s China shipments rebounded in May from April, but failed to recover levels seen in March. The company sold 33,463 electric cars in May, up 29% from April’s 25,845 units. Overall sales of pure-electric cars more than doubled from a year ago, rising 186% to 162,000 units in May, according to the Chinese Passenger Car Association (CPCA). The May sales data suggest many local consumers are sticking with the American EV brand. Earlier this month, there were reports that the electric automaker’s orders had slumped significantly in May compared to April. The firm’s shares have dropped 14.5% so far in 2021. Tesla's stock has gained 7.5% over the past three months, finishing 0.25% lower on Tuesday. Earlier this week, the company has canceled the most expensive variant of its flagship sedan, the Model S Plaid Plus.
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