Shares of Tesla Inc. TSLA, -5.84% bounced 5.6% in premarket trading Tuesday, after tumbling 21.6% amid a five-day losing streak through Monday, after upbeat car sales data out of China. The China Passenger Car Association said electric vehicle sales in February rose more than sevenfold from a year ago while falling 38% from January, to 97,000 EVs. Tesla sold 18,318 EVs in February, which Wedbush analyst Dan Ives said is up 18% form January and puts Tesla’s China-based sales “on a strong trajectory” into March. “Considering the Lunar New Year in China, which took up a portion of February, we would characterize these February results as quite impressive and ahead of Street expectations,” Ives wrote. He kept his stock price target at $950 and rating at neutral. Separately, shares of China-based EV maker Nio Inc. NIO, -7.61% rallied 5.9% ahead of the open, after plunging 29.2% amid a five-day losing streak through Monday, which followed a 19.7% drop in February. Among other China-based EV makers, shares of XPeng Inc. XPEV, -3.96% jumped 6.3% and Li Auto Inc. LI, -5.03% climbed 5.6%. The stocks’ rallies comes as futures ES00, +1.05% for the S&P 500 SPX, -0.54% gained 1.1% ahead of the open.
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