Shares of Tesla Inc. TSLA,
bounced 5.6% in premarket trading on Tuesday, after falling 21.6% amid a five-day streak lost through Monday, following optimistic car sales data outside of China. The Chinese Passenger Vehicle Association said sales of electric vehicles in February multiplied by seven from a year ago, while they fell 38% since January to 97,000 electric vehicles. Tesla sold 18,318 electric vehicles in February, which Wedbush analyst Dan Ives said rose 18% through January and placed Tesla sales in China “with a strong trajectory” in March. “Given the Lunar New Year in China, which occupied part of February, we would characterize these February results as quite impressive and ahead of street expectations,” Ives wrote. He maintained the stock price target at $ 950 and the rating at neutral. Separately, the shares of Chinese vehicle manufacturer EV, Nio Inc. NIO,
it was up 5.9% ahead of the opening, after falling 29.2% amid a five-day streak lost through Monday, which followed a 19.7% decline in February. Among other electric vehicle manufacturers based in China, XPeng Inc. shares. XPEV,
jumped 6.3% and Li Auto Inc. LI,
rose 5.6%. Stock concentrations are presented as ES00 futures,
for the S&P 500 SPX,
gained 1.1% ahead of the open.