Shares of Tesla, Inc. are moderately higher in premarket trading on Tuesday even as the index futures point to a sharply lower start for the broader market.
The optimism toward the Elon Musk-led company's stock may have to do with the electric vehicle maker's China sales numbers. Data released by the China Passenger Car Association showed that Tesla sold 86,697 vehicles in August, marking a nearly 17% jump from July and a more modest 3% rise from a year ago, CnEVPost reported. A more detailed report, giving a breakup between domestic sales and exports, will be released later this week.
The performance is in line with Tesla's domestic rivals. Warren Buffett-backed BYD Co. Ltd. reported month-over-month and year-over-year growth of 14.21% and 1.95%, respectively, for August. The total battery EV sales of BYD were 148,470 units.
August deliveries of both Nio, Inc. and Beijing-based Li Auto, Inc. fell from the previous month, although increasing from a year ago.
Tesla's fairly robust showing came on the back of the company extending its zero-interest financing and it remains to be seen whether the top-line gain would seep through to the bottom line.
In premarket, Tesla gained 0.78% to $215.77, according to Benzinga Pro data. The stock traded 14% lower for the year-to-date period.
