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Electric Vehicle: Tesla’s China-made EV sales surge in August
CHINA, Sept. 4 – Tesla has made significant strides in the Chinese electric vehicle market, selling 84,159 EVs in August, marking a 9.3% increase year-on-year.
The EV giant experienced a 30.92% sales surge as compared to 64,285 units in July.
On YTD basis, Tesla sold 624,983 China-made vehicles, up ~56.3% year-on-year.
Meanwhile, rival BYD showed off its strength in the EV industry in August with a 57.5% year-on-year increase in passenger vehicle deliveries.
Last week, Tesla dropped pricing in China yet again and introduced a new Model 3 with a longer range.
Despite a 126% spike in the company’s stock price this year, Seeking Alpha’s Quant Rating system rates shares as Hold. Meanwhile, Wall Street analysts rate the stock as a Buy.