Tesla Jumps Another 2% on Strong China Registrations and Musk's AI5 Chip Focus, $1 Billion Stock Purchase
Tesla reported the best week of the quarter so far in the Chinese domestic market amid Elon Musk’s $1 billion stock purchase. Additionally, Musk said he plans to spend all Saturday afternoon in deep technical reviews for the Tesla AI5 chip design.
Shares of Tesla rose 2.3% in premarket trading on these news.
The company recorded 15.4K new insured registrations in the Chinese market, up 7.3% compared to last week and 34.4% against the previous quarter, according to data shared by influencer Roland Pircher on X on Tuesday.
The data translates to Tesla's best week of the quarter so far, but sales are still down 11% YoY and down over 7% when compared to YTD sales during the same period in 2024.
Meanwhile, Tesla's six-seater Model Y L SUV racked up over 120,000 orders since its launch in the market, averaging 10,000 orders daily and is proving to be a successful product for the company.
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