Tesla stock (NASDAQ: TSLA) stock found its grove on Friday following a tougher week on Wall Street. The over 4.5 percent pop in stock price is likely due to the company’s strong sales figures out of China for February.
In February, Tesla sold 74,402 units from its factory in Shanghai, including domestic and exported sales. This was a 12.64 percent improvement from January and a 31.65 percent increase from February 2022.
Tesla China February numbers positive despite all the noise. Price cuts still catalyzing strong demand in China for Musk & Co
— Dan Ives (@DivesTech) March 3, 2023
Tesla has been strong in China and has routinely depended on the overall production of Giga Shanghai to carry its yearly sales. Although Tesla performs well in the Chinese market, the factory has also been a major contributor to growth in Europe, as the factory was labeled an export hub by the automaker two years ago.
Overall, Tesla stock has done a great job of recovering in 2023 since its drastic fall in 2022. This year, Tesla stock has rebounded roughly 85 percent, reaching the $200 price level once again and hovering around that point for most of February.
Tesla’s stock price rebounded early in 2023 due to the automaker’s substantial price cuts across its vehicle lineup, which have pushed other companies to make the same move to remain competitive.
It hasn’t been smooth sailing all year, however. Following the company’s Investor Day on Wednesday, the stock did not respond positively as the Street may have been expecting more developments regarding the next-gen platform.
However, Tesla investors and permabulls went unbothered, as the event was truly an indicator of what will come for the company in the long run and not necessarily what could be coming for the rest of the year.
Disclosure: Joey Klender is a Tesla Shareholder.
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