Tesla vehicle insurance registrations in China last week fell sequentially, but seven weeks into the third quarter the global EV giant's registrations in China are down slightly more than 1%. Meanwhile, the European Union said Tuesday it will hit Tesla vehicles imported from China with a lower tariff than other EVs manufactured in China. TSLA shares fell Tuesday.
Tesla insurance registrations in China totaled 14,300 for the week of Aug. 12-18, down 7.7% from 15,500 the previous week, according to data reported by CnEVPost Tuesday. However, Tesla registrations in China, a rough gauge for deliveries, are up more than 34% compared to last quarter and have increased nearly 17% vs. a year ago.
Tesla's year-0to-date China registrations are now down just 1.2% compared to the same time frame in 2023.
Troy Teslike, whose delivery estimates and Tesla data tracking are highly respected among retail Tesla investors, posted on X last week that sales in China were down 17,712 units, but that "they're expected to finish the year up."
Teslike sees the biggest decline coming from Europe, with expectations of a sales decline totaling more than 50,000 vehicles.
Meanwhile, the Financial Times reported Tuesday that the European Union has decided to levy an additional 9% tariff on Tesla vehicles imported from China, in addition to the existing duties of 10% applied to all foreign-made cars. That rate is lower than on other China EV makers and comes in below expectations which were closer to 21%.
Tesla stock edged down 0.7% to 221.09, while hitting an intraday high of 228.22, during market action on Tuesday. Shares advanced more than 3% to 222.72 on Monday. The stock is down more than 4% in August.
Tesla Stock Performance
Tesla stock is down about 10% in 2024, but has climbed 60% from a late-April low. During that climb, the stock has regained support above the 200-day line and the 50-day moving averages, according to MarketSurge charts.
Tesla Stock Has Plunged In 2024, But At Least It's Cheaper, Right? Nope
The stock hit a 2024 high of 271 on July 11, then retreated. Tesla stock surged 8% to 216.12 last week, regaining the 21-day, 50-day and 200-day lines and clearing a steep downtrend. Aggressive investors could see that as a buy opportunity.
On Monday, Piper Sandler analyst Alexander Potter maintained an overweight rating on Tesla stock with a 300 price target. Sandler recommended owning shares of Tesla heading into the Oct. 10 robotaxi reveal and touted Tesla's energy business growth.
Tesla stock ranks third in the 35-member IBD Auto Manufacturers industry group. The stock has a 69 Composite Rating out of a best-possible 99. Shares also have a 72 Relative Strength Rating and a 58 EPS Rating.
Please follow Kit Norton on X @KitNorton for more coverage.
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