TSLA shares pared losses, edging higher Tuesday after data showed Tesla (TSLA) vehicle insurance registrations surged in China last week. In addition, a top analyst forecast Tesla demand would grow as China’s latest Covid wave seems to be subsiding, and with the Chinese New Year celebrations now in the rearview mirror.
The global EV giant saw 8,643 insurance registrations in China for the week of Jan. 30-Feb. 5, a 157% increase from the 3,356 registrations two weeks ago. Last week was the first official workweek after the Chinese New Year, but many people’s holiday extends to Feb. 5, according to CnEVPost.
The Chinese New Year holiday, which ran from Jan. 21-27, significantly affected car companies’ sales across the board in China. Tesla Shanghai was among those shut down for an extended Lunar New Year holiday. But the company had significant inventory from year-end production.
Last week, China EV sales rebounded broadly. Top Tesla competitor BYD (BYDDF) had 24,280 total insurance registrations for the week, up 360% compared to a week prior.
China-EV startups Li Auto (LI) had 2,240 registrations, Nio (NIO) saw 1,948 and XPeng (XPEV) totaled 975.
Tesla stock dropped early before ending Tuesday market trade up 1% to 196.80. On Monday, TSLA shares gained 2.5% to 194.70. Tesla stock has gained 58% on the year and is in the midst of a 91% run since it hit Jan. 6 bear-market lows of 101.81.
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