Tesla Inc (TSLA)

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Tesla Stock: China Sales Strong, Earns Street-High $1,580 Price Target
Tesla Stock: China Sales Strong, Earns Street-High $1,580 Price Target
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Tesla China sales in November were strong, including hefty exports, as local rivals ramp up deliveries. Tesla stock edged lower.

The China Passenger Car Association reported November electric vehicle sales Wednesday, with strong Tesla (TSLA) sales once again. Tesla stock rose Wednesday..

Tesla Shanghai sold 52,859 made-in-China Model 3 sedans and Model Y crossover SUVs in November, including 21,127 exported. In October, Tesla sold 54,391 China-made vehicles, including 40,666 for export. Most of those exports go to Europe. Tesla Shanghai exports most of its production in the first month of a quarter and much of it in the second month, such as November.

Tesla's upcoming Berlin factory is expected to eventually produce the bulk of Tesla's vehicles destined for European customers, starting with the Model Y. However, the plant's opening has been delayed several times. The latest timeline shows Berlin will be in operation sometime in December, although the production ramp up is expected to be slow.

EV sales in China hit 378,000 in November, up 122% year over year and up 20% vs. October, the CPCA said on Wednesday. It forecasts that new-energy vehicle sales will top 2.4 million cars in 2021. The CPCA said overall passenger car sales in November in China reached 1.85 million, down 12.5% from a year ago.
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China EV Startups

Meanwhile, Chinese EV startups had strong November sales. Nio (NIO) sold 10,878 vehicles in November, 106% above a year earlier. That's up sharply from October deliveries of just 3,667 amid production line shutdowns to prepare for new models. Nio had expected to deliver 23,500-25,500 EVs in the fourth quarter, little changed vs. Q3.

Xpeng (XPEV) delivered 15,613 EVs, up 270% vs. a year earlier, and an increase from 10,138 in October. It had forecast Q4 deliveries of 34,500-36,500, well above Q3's 25,666, but appears on track to easily top that figure.

Li Auto (LI) delivered 13,485 Li One hybrid SUVs in November, up 190% vs. a year earlier and a big increase from 7,649 in October. Li Auto expects Q4 deliveries of 30,000-32,000.

Warren Buffet-backed BYD (BYDDF) November sales of 91,219, up 249% vs. a year earlier and topped October's total of 81,040. Of that, 90,121 were personal vehicles. That included 46,137 EVs, up 153%, while plug-in hybrids shot up 500% to 43,984. It's the sixth straight month that the EV and battery giant has increased all-electric and plug-in hybrid sales by roughly 10,000.

Germany's Volkswagen (VWAGY) said it sold 14,167 of its all-electric ID. series vehicles in China in November, another monthly record. It sold 12,000 in October.
EV Stocks, Tesla Stock

Tesla stock rose 1.6% to 1,068.96 on the stock market today, adding to the 4.2% gain on Tuesday. The EV giant rebounded from its fast-rising 50-day moving average, snapping a short downtrend. A new base could be forming. TSLA stock is on a Leaderboard stock.

New Street Research analyst Pierre Ferragu boosted his price target for Tesla stock to a new Street high of $1,580 on Tuesday, citing his views for a Q4 earnings beat.

Among Tesla's China-based rivals, Nio jumped 5.8% to 35.05, but is still trading well below its 50-day and 200-day lines. XPEV stock gained 1% on Wednesday, after rising 2.4% on Tuesday. Li Auto rose 2.1%. All three stocks plunged late last week on China stock delisting fears.

BYDDF stock edged 0.5% higher to 37.92 on Wednesday, after climbing 2.1% to 37.74 on Tuesday, just above buy range from a 35.35 double-bottom-base buy point, according to MarketSmith chart analysis. BYDDF stock trades over the counter in the U.S. and is listed in Hong Kong.
https://www.investors.com/news/tesla-stock-china-sales/?src=A00220

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