Tesla (NASDAQ:TSLA) is trending on social media today, and TSLA stock is up about 2.5% in early trading this morning. These developments come after a China-based association reported that the deliveries of the firm’s China-made electric vehicles (EVs) had climbed in May versus April.
More About the May Data
Last month, according to information from the China Passenger Car Association, Tesla’s deliveries of its EVs made in China increased by 2.4% to nearly 78,000 EVs. The data was released earlier today.
Also noteworthy is that the deliveries soared 142% last month versus the same period a year earlier. However, in May 2022, the production of Tesla’s main China factory in Shanghai was negatively impacted by anti-Covid measures.
Elon Musk’s China Visit and Tesla’s Next Steps
Tesla CEO Elon Musk last week visited China for two days, marking his first trip to the Asian country in three years. During his visit, the CEO met with many business and political leaders, including a vice premier, the head of Shanghai’s Communist Party, and the chairman of the huge battery maker Contemporary Amperex Technology.
There are questions about whether Tesla, which is facing increased competition from several domestic Chinese EV makers, will expand its Shanghai factory.
Meanwhile, the owners of TSLA stock are also wondering about the extent to which the automaker’s upcoming Cybertruck and its Tesla Semi will boost its top and bottom lines going forward.
TSLA Stock: What Investors Should Watch
The popularity of the Semi and the Cybertruck, along with Tesla’s performance in China, will likely be critical to determining the fate of TSLA stock in the medium term.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
