Shares of Tesla Inc. TSLA,
returned 5.6% in premarket trading on Tuesday, after falling 21.6% amid a series of five-day to Monday losses, after optimistic data on car sales in China. The China Automobile Association said sales of electric vehicles in February rose more than sevenfold from a year ago, while they fell 38 percent in January to 97,000 electric vehicles. Tesla sold 18,318 electric vehicles in February, which Wedbush analyst Dan Ives said rose 18 percent in January and puts China’s sales of Tesla “on a strong trajectory” in March. “Given China’s Lunar New Year, which took over part of February, we would characterize these February results as quite impressive and ahead of street expectations,” Ives wrote. He kept his target share price at $ 950 and his rating neutral. Separately, the shares of the Chinese electric vehicle manufacturer, Nio Inc. NIO,
it accumulated 5.9% before opening, after falling 29.2% amid a series of five-day to Monday losses, which followed a 19.7% decline in February. Among other electric vehicle manufacturers in China, XPeng Inc. shares. XPEV,
increased by 6.3% and Li Auto Inc. LI,
increased by 5.6%. Stock market rallies appear as ES00 futures,
for the S&P 500 SPX,
gained 1.1% before opening.