Tesla, Inc. (NASDAQ: TSLA) stock gears up to surge for a second consecutive session Tuesday. TSLA recorded its second-best daily gain since March 21 on Monday, effectively breaking a six-day losing streak.
TSLA leaped 4% in the early hours of Tuesday’s premarket trading as the latest China insurance registration data revealed that Tesla’s sales in the region remained relatively stable compared to the previous week. This revelation follows Monday’s outstanding performance, wherein Tesla’s stock soared by over 7% to $231.28. This surge has significantly mitigated the losses suffered by TSLA throughout August, now standing at 13.5%.
So far in August, 39,400 Tesla insurance registrations have been recorded in China, marking an uptick of 125% compared to the last year. This growth trajectory suggests that the EV giant is maintaining a similar activity in China as during the second quarter of this year.
In the second quarter, Tesla, Inc. (NASDAQ: TSLA) achieved an exceptional feat by selling 247,217 China-made vehicles. This accounts for 53% of Tesla’s record-setting 466,140 global deliveries. Market analysts expect 473,000 deliveries for Q3, as per the insights gathered from FactSet.
On the other hand, Tesla’s updated Model 3, code-named “Highland,” is generating considerable buzz in China. The latest reports suggest that mass production and deliveries of the new Model 3 iteration are set to commence by the end of September. Local news sources have confirmed that certain Tesla stores have already begun accepting reservations for this highly anticipated model.
Simultaneously, Tesla is undergoing significant executive changes. Colin Campbell, who served Tesla as vice president of powertrain engineering, recently announced his departure from the company after seventeen years via LinkedIn. He is set to assume the role of Chief Technology Officer at Redwood Materials, a company founded by Tesla co-founder and board member JB Straubel.
These changes follow Tesla’s announcement on August 7, wherein Chief Financial Officer Zachary Kirkhorn stepped down. The company officially disclosed that Vaibhav Taneja assumed the position on August 4, succeeding Kirkhorn. Taneja now holds the dual roles of CFO and Chief Accounting Officer.