Tesla Shipped Record 56,006 Cars from China

13/10/2021

According to a report released Tuesday by China's Passenger Car Association, shipments from the electric car maker's Chinese factory increased by 27% last month to 56,006 units.

Tesla shares jumped as much as 2.3 percent following the report's release, closing at an eight-month high and boosting CEO Elon Musk's net worth to over $206 billion. The results in China confirm the company's underlying strength, as it delivered a record 241,300 cars globally in the third quarter.

On Oct. 20, Tesla is expected to release its third-quarter earnings, with analysts polled by Refinitiv predicting adjusted earnings of $1.49 per share on revenue of $13.37 billion.

Musk revealed last week that Tesla's headquarters will relocate to Austin, Texas, in 2022. The corporation intends to increase production at its California and Nevada sites.

Elon Musk's plan to build Tesla into a global automaker also includes Europe. The automaker is now awaiting approval to continue the construction of a facility near Berlin, Germany.

People who have objected to the proposed plant have until Oct. 14 to express their final objections. The state's environmental office will then investigate the complaints, which now include concerns about wildlife and drinking water.

Officials in Germany expect the plant to be approved no later than this year. If the factory fails to pass inspection, Tesla may be forced to demolish all of the structures it has already constructed and restore the site to its original form. If granted, Tesla claims it will produce up to 500,000 vehicles per year in the United States, beginning with the Model Y crossover vehicle.

Tesla's entry into the German car market has prompted the German giant Volkswagen to speed up plans to convert its major factory to produce electric vehicles.

Tesla shares were up 13% this year through Monday, compared to a 16% increase for the S&P 500.  The company is currently trading at 805.72, up 1.74% from yesterday.