Tesla Shares fell due to a bad news from China

News

Tesla Shares fell due to a bad news from China

27.08.2020 News

Shares of Tesla closed on Monday with a fall of 1.44%, continuing to decline on Tuesday, their price is now below $ 2000.

This situation was preceded by a Bloomberg publication on reducing the number of registrations of Tesla, electric cars made in China. Tesla did not confirm the information; in its reports the company does not publish the number of electric cars sold in China.

An indirect confirmation of information may be that the world’s largest manufacturer and supplier of lithium Tesla Ganfeng Lithium Chinese company on Tuesday reported that for the first six months of 2020 its profits fell by almost half.

Supported data of China Automobile News Agency from government shows, that the number of registrations of Tesla cars made in China in July decreased by 24% compared to the previous month. Last month, China produced and registered 11,456 Tesla cars.

Tesla began deliveries of vehicles produced at its plant near Shanghai earlier this year. According to the company’s management, the production rates at the Chinese plant is growing faster than planned.

China car market recovers from the recession, which lasted about two years. Even when the Chinese car market was experiencing difficulties, Tesla’s sales in the country until July showed good results. Tesla reported sales of May in China almost three times higher than in April.

Wedbush`s analyst Daniel Ives has raised his target price for Tesla shares to $ 1,900, as he believes that the demand for electric cars in China began to rise in July and August, and Tesla competes with both local and international competitors for market share in the country. He called the Chinese Gigafactory 3 “the core of success” of Tesla.

Ives also believes that lower company prices could stimulate demand in both China and the United States, and expects that Tesla announced the development of several batteries that are “game changer” in the future “Days batteries”, which is designed for 22 of September.

One of such announcement could be a million-mile battery, which will allow electric cars to compete alongside gasoline cars.

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