Tesla, Inc.'s (NASDAQ:TSLA) October sales in China took a hit as exports from its Shanghai plant surged.

Per a report by CnEV Post, the company sold 68,280 vehicles in total, with 27,795 units shipped overseas, according to data from the China Passenger Car Association (CPCA). This left Tesla with just 40,485 vehicles sold within China, marking its weakest month since April.

However, TSLA stock is on the rise, fueled by a post-election rally following Donald Trump's victory in the 2024 presidential race.

The boost in Tesla's stock may be tied to Elon Musk's backing of Trump, which seemingly paid off with a massive surge in his wealth.

In addition, B of A Securities analyst John Murphy has raised Tesla's price forecast from $265 to $350, maintaining a Buy rating on the stock.

Also Read: Tesla Lures Chinese Buyers With Exclusive Giga Shanghai Tour Giveaway to Boost Sales: Report

Tesla's October sales in China were up 41.43% from 28,626 vehicles sold last year, but down 43.93% from 72,200 units in September, CnEV Post added.

For the year-to-date period from January to October, Tesla has sold 500,685 vehicles in China, crossing the 500,000 mark. This represents an 8.29% increase compared to the same period last year.

Earlier this week, Tesla was in the headlines for luring its customers with a new incentive to promote car purchases and capitalize on China's auto consumption stimulus. The EV giant is offering Chinese customers the chance to win a tour of its Giga Shanghai factory.

Tesla China's Gigafactory Shanghai is the EV giant's largest by production volume, with an estimated annual output exceeding 950,000 vehicles, according to the third quarter 2024 Update Letter, Teslarati reported. Giga Shanghai manufactures the Model 3 and Model Y for both the domestic Chinese market and international markets.

Price Action: TSLA shares are trading higher by 7.05% to $317.83 at the last check on Friday.

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