. Tesla Breaks China Monthly Sales Record - 10 October 2022

Tesla Breaks China Monthly Sales Record

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TESLA is trading down 6.32% at 223.07

The China Passenger Car Association (CPCA) released a report on Sunday showing that electric vehicle company Tesla (NASDAQ:TSLA) delivered 83,135 China-made electric vehicles (EVs) in September, setting a monthly record over the prior deliveries high of 78,906 in June. The number marks an 8% increase over August.

“The record high sales of China-made Tesla cars showed electric vehicles have been leading the mobility trend,” Tesla said in a brief statement.

Since the plant opened in late 2019, Tesla has sought to run the facility in China’s commercial hub at full capacity. The company worked to increase deliveries after suspending most production at the Shanghai plant in July for an upgrade. However, the electric vehicle maker plans to hold production at its Shanghai plant at about 93% of capacity through the end of year.

China’s BYD (OTC:BYDDY) continues to lead the domestic EV market with 200,973 sales in September, a nearly 15% jump from August. CPCA said higher oil prices and government subsidies continue to encourage more consumers to choose electric vehicles.

Last week Tesla said it delivered 343,830 EVs Globally in the third quarter. A record for the company, but still less than the 359,162 average analysts had expected.

On technical fronts TESLA:RSI stood at 15.94 and currently it is trading below all MA. So, SELL position can be taken with following target and stoploss:

TRADE SIGNAL – : TESLA – SELL: 223.15, TARGET: 216.17, STOP LOSS: 228.33

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