Chinese car sales hit record for August; Tesla deliveries up
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China delivered 2.24 million cars in August, a record for a usually slow period of time.
EVs and plug-in hybrids totaled 716,000, up 35% from a year earlier.
The association said that exports were the âkey reasonâ for strong sales.
Tesla (NASDAQ:TSLA) delivered nearly 31% more China-made cars in August compared to July.
The automaker delivered 84,159 vehicles for the month, including 64,694 cars sold in China and 19,465 units exported, according data from Chinaâs Passenger Car Association.
TSLA has been lowering prices on its China vehicles as competition ramps up.
Rival BYD (OTCPK:BYDDF) reported an increase in passenger vehicle deliveries for August up 57.5% year-over-year.
On Thursday, Seeking Alpha analyst Sapphire Wealth Insights called Tesla overvalued.
âTesla, Inc.'s (TSLA) dwindling margins emphasize its identity as an automaker, refuting the claims of staunch supporters that it deserves a different valuation,â the analyst said. âTesla begins to face the hurdles of traditional car companies, including supply chain disruptions, cyclical business patterns, and heightened competition.â
The EV maker's current share price is unsustainable. âElon Musk's unpredictable actions and statements, particularly on social media, introduce an additional layer of risk. His disregard for shareholder concerns and potential political associations could impact the company's success.â
Also on Thursday, Seeking Alpha analyst Josh Arnold called the stock a Buy and said with a cooling in the tech rally, itâs an opportunity to pick up formerly overbought stocks like TSLA.
âSeasonality suggests potential for higher Tesla prices in October and November,â the analyst said. âIâm putting a buy rating on Tesla because I think it will end this year near or above its prior high at $300.â 
Shares of TSLA are up 132% year-to-date.
This story has been updated with additional analyst comment.

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