Tesla stock price rises due to strong sales growth in China in February

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Investing.com - Tesla stock rose 1.4% to $405.09 on Wednesday after the electric vehicle manufacturer announced a significant increase in China sales in February.

Tesla China stated on Wednesday that the company sold 58,600 Model 3 and Model Y vehicles from its Shanghai factory in February, a 91% year-over-year increase. The February sales figures include vehicles exported to Europe and other markets.

Following a 9.3% year-over-year increase in January, the strong performance in February is notable. Tesla (NASDAQ: TSLA) is expected to rise for the third consecutive trading day.

China is Tesla’s second-largest market after the United States. The Shanghai factory produces Model 3 sedans and Model Y SUVs, supplying both domestic sales and international exports.

The significant growth in February sales marks a sharp acceleration compared to the single-digit growth rate of the previous month.

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