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Tesla Inc. TSLA scored record sales in China in November despite challenges posed by COVID-19, suggesting an acceleration in momentum seen in recent months.
What Happened: Tesla’s November deliveries came in at 100,291 units, CnEVPost reported, citing data shared by the company.
This marked a 90% year-over-year increase and a nearly 40% climb from the 71,704 units sold in October. After a factory shutdown for much of April and a factory revamp in July, Tesla has seen its sales pick up momentum.
In September, Tesla clocked record sales of 83,135 units.
See Also: Best Chinese Stocks
Why It’s Important: Production-side challenges hurt Tesla for much of the year, and as a result, the company has failed to keep pace with the 50% annual growth target.
CEO Elon Musk had hinted in late October at an acceleration in the fourth quarter and called for a record-breaking quarter.
A Reuters report, however, said on Monday that the company is looking to reduce the production of its Giga Shanghai-made Model Y SUVs by 20% in December.
Price Action: In premarket trading, Tesla shares were moving down 0.37% at $194.13, according to Benzinga Pro data.
Read Next: Tesla Has Been The Most Profitable Stock For Short Sellers 2 Months In A Row
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Image and article originally from www.benzinga.com. Read the original article here.