The broad stock market had already recovered strongly on Friday after surprisingly good data on the US labor market, while Tesla investors remained somewhat more reserved. Conversely, on Monday, Tesla rose more strongly than the overall market, as shortly before good figures for its China sales became public, which had dropped drastically in April. A total of 11,095 of its Model 3 produced in the Gigafactory Shanghai were sold by Tesla this May, agencies reported, citing figures from the Chinese association CPCA.
Tesla sold almost all of its production
After an intermediate high of 12,710 Model 3s sold in China this March and a drop to only 3,635 Model 3s in April, Tesla appeared to be able to sell almost all of its monthly production of electric cars in the Chinese factory in May. According to another recent statistic, production in May was 11,501 Model 3; According to Tesla, it is expected to increase to 4,000 per week this June, which would correspond to at least 16,000 Model 3 per month or around 200,000 per year.
According to reports, Tesla intends to sell each of these electric cars and, if necessary, further reduce the prices for them. In early May, the price for the basic version of the Model 3 in China was reduced below the new state funding limit of 300,000 yuan (around $42,500). Soon it will also be produced with a cheaper CATL battery that promises more range, an even lower price, or a combination thereof.
Tesla shares hit a new all-time high
On the stock market, this data and outlook on Monday were sufficient to cause Tesla stock to rise by a further 7 percent to just under $950 in a generally solid environment; that’s a total of $176 billion. For the first time, Tesla exceeded the old record closing price of a good $920 that the share had reached in mid-February before the outbreak of the coronavirus crisis in the west, including a production break at the Tesla plant in Fremont.
