Tesla stock surges to its 10th straight gain, highest close since October

Provided by Dow Jones

Jun 8, 2023 10:53 PM UTC

By Tomi Kilgore

Tesla sold more than 77,000 vehicles in China in May, as new-energy car sales in the country jumped 61%

Shares of Tesla Inc. rose Thursday for the 10th straight session and closed at their highest price since October, as data out of China showed that the electric-vehicle giant sold more cars in May than the previous month.

Tesla stock (TSLA) closed up 4.6% to $234.86, for its highest closing price since Oct. 6, when it closed at $238.13, and its largest one-day percentage increase since May 26, when it rose 4.7%. It has charged up 28.4% over the past 10 days, its longest win streak since the 11-day run that ended Jan. 8, 2021.

Tesla shares continued their upward trajectory in the aftermarket, up more than 3% after the EV maker and General Motors Co. (GM) announced that GM EV owners will be able to use Tesla's fast-charging network starting next year.

Earlier Thursday, the China Passenger Car Association reported that May retail sales of new-energy vehicles, which includes electric and plug-in hybrids, jumped 60.9% from a year ago to 580,000 vehicles, or 33.3% of the total passenger cars sold of 1.74 million, according to a Dow Jones Newswires report.

Tesla delivered 77,695 cars that were made at its Shanghai facility in May, the DJ report said, which is up from 75,842 cars delivered in April but down from the more than 88,800 EVs delivered in March.

Meanwhile, shares of other China-based EV makers were mixed, as Nio Inc.'s stock (NIO) dropped 1.5%, but Xpeng Inc. shares (XPEV) climbed 0.9% and Li Auto Inc.'s stock (LI) tacked on 0.7%.

See also: Tesla Model 3s now qualify for $7,500 in federal tax credits

Tesla generated $4.89 billion in sales from China during the first quarter, or 21.0% of total sales. In 2022, the company's China sales totaled $18.15 billion, or 22.2% of total sales for the year.

Separately, the Associated Press reported that late Wednesday that Tesla may face a class-action lawsuit after 240 Black factory workers described racism and discrimination at the company's plant in the San Francisco Bay Area.

Tesla's stock has soared 91% year to date, while the Global X Autonomous and Electric Vehicles exchange-traded fund (DRIV) has run up 25.4% and the S&P 500 index has advanced 11.6%.

Claudia Assis in San Francisco contributed to this report.

-Tomi Kilgore

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(END) Dow Jones Newswires

06-08-23 1853ET