Tesla Stock Leaps On China Sales Surge Powered By Deep Price Cuts After Musk Touts 'Historic' Demand
Tesla shares moved higher Friday following data some China that showed a big boost in January sales following a series of price cuts in the world's biggest car market. The China Passenger Car Association (CPAC) said Tesla sold 66,051 cars over the first month of the year -- even amid the country's Lunar New Year holidays -- an 18% increase from December and 10% higher than the same period last year. Tesla CEO Elon Musk told investors last month that orders for the month of January to date were "the strongest in our history" and were nearly twice the rate of Tesla's global production.