Tesla Model 3 cars in Shanghai.
STR/AFP via Getty Images
Tesla made 33,544cars from its Shanghai plant in May vs. 10,757 the previous month, according to data from the China Passenger Car Association.
The electric-vehicle maker sold 32,165 China-made cars in May, up from the 1,512 cars sold in April. Tesla (ticker: TSLA) routinely produces about 60,000 vehicles a month in China.
The increased output from Tesla’s Shanghai plant came despite the factory being shut down at the start of April because of local Covid restrictions. The company restored some production in a closed-loop setting, with workers isolated and living at the plant, around the middle of the month.
According to the CPCA, a total of 1.67 million passenger vehicles were produced in May, up 6.5% from last year and up 69.5% from April.
Tesla shares rose 2.9% to $746.31 in premarket trading Thursday.
The stock was upgraded to Buy at UBS on Thursday, with the analysts saying the operational outlook was “stronger than ever” because of, among other things, record-high order backlog and the ramp-up of two newgigafactories, margin momentum, and a “structural competitive edge in key supply chains.”
Write to Joe Woelfel at [email protected]
