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March 9, 2021, 6:51 a.m. EST

Tesla, Nio stocks bounce after upbeat China car sales data

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By Tomi Kilgore

Shares of Tesla Inc. /zigman2/quotes/203558040/composite TSLA -6.42% bounced 5.6% in premarket trading Tuesday, after tumbling 21.6% amid a five-day losing streak through Monday, after upbeat car sales data out of China. The China Passenger Car Association said electric vehicle sales in February rose more than sevenfold from a year ago while falling 38% from January, to 97,000 EVs. Tesla sold 18,318 EVs in February, which Wedbush analyst Dan Ives said is up 18% form January and puts Tesla's China-based sales "on a strong trajectory" into March. "Considering the Lunar New Year in China, which took up a portion of February, we would characterize these February results as quite impressive and ahead of Street expectations," Ives wrote. He kept his stock price target at $950 and rating at neutral. Separately, shares of China-based EV maker Nio Inc. /zigman2/quotes/204905836/composite NIO -11.19% rallied 5.9% ahead of the open, after plunging 29.2% amid a five-day losing streak through Monday, which followed a 19.7% drop in February. Among other China-based EV makers, shares of XPeng Inc. /zigman2/quotes/219982686/composite XPEV -9.30% jumped 6.3% and Li Auto Inc. /zigman2/quotes/219811686/composite LI -15.95% climbed 5.6%. The stocks' rallies comes as futures /zigman2/quotes/209948968/delayed ES00 +0.52% for the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.84% gained 1.1% ahead of the open.

/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 1,014.97
-69.63 -6.42%
Volume: 30.77M
Dec. 3, 2021 4:00p
P/E Ratio
328.64
Dividend Yield
N/A
Market Cap
$1019.30 billion
Rev. per Employee
$445,694
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/zigman2/quotes/204905836/composite
US : U.S.: NYSE
$ 32.15
-4.05 -11.19%
Volume: 106.37M
Dec. 3, 2021 4:02p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$52.68 billion
Rev. per Employee
N/A
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/zigman2/quotes/219982686/composite
US : U.S.: NYSE
$ 43.80
-4.49 -9.30%
Volume: 29.08M
Dec. 3, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$42.40 billion
Rev. per Employee
$166,548
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/zigman2/quotes/219811686/composite
US : U.S.: Nasdaq
$ 28.50
-5.41 -15.95%
Volume: 30.39M
Dec. 3, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$33.46 billion
Rev. per Employee
$327,692
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,561.00
+23.50 +0.52%
Volume: 95,557
Dec. 6, 2021 12:21a
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/zigman2/quotes/210599714/realtime
US : S&P US
4,538.43
-38.67 -0.84%
Volume: 2.71B
Dec. 3, 2021 5:35p
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