Why did Tesla stock go up today? Look East
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Tesla (NASDAQ:TSLA) rose 5% on Tuesday afternoon as China sales recover amid lower car prices.
The EV automaker sold 84,159 EVs in August in the country, marking a 9.3% increase year-over-year, and following a decline in production. TSLA has also 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.
TSLA saw sales jump nearly 31% compared to 64,285 units in July. Year-to-date, the manufacturer has sold 624,983 China-made vehicles, up more than 56% from a year earlier.
Shares are down 7% over the past 12 months and up 138% year-to-date.

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