July 2 – Tesla (NASDAQ:TSLA) shares jumped more than 5% on Wednesday after the company reported a 0.8% year?on?year rise in China?made electric vehicle sales for June, ending an eight?month slide.
Deliveries from the Shanghai factory, including domestic sales and exports, totalled 71,599 units, up from May’s pace by about 16%, data from the China Passenger Car Association showed.
The recovery remains modest compared with local rivals. BYD (BYDDF) delivered a record 382,585 vehicles in June, up roughly 10% year?over?year, while NIO (NYSE:NIO) logged a 17.5% increase to 24,925 units. XPeng (NYSE:XPEV) saw the strongest growth, with sales surging 224% to 34,611 cars.
In Europe, Tesla faces steeper challenges, with registrations in Denmark and Sweden plunging more than 60% last month. Investors await Tesla’s Q2 delivery figures due later today, with the company’s earnings report scheduled in the coming weeks. Seeking Alpha’s Cavenagh Research forecasts a disappointing quarter for the Texas?based automaker.
Despite competitive pressure, Tesla’s slight rebound in its largest market may offer a foundation for its upcoming quarterly updates.
This article first appeared on GuruFocus.
