Shares of Tesla Inc. TSLA,
bounced 5.6% in premarket trading Tuesday, after falling 21.6% during a five-day loss period through Monday, following positive auto sales data from China. The China Passenger Car Association said electric vehicle sales increased more than seven-fold in February from a year ago, while declining 38% from January to 97,000 electric vehicles. Tesla sold 18,318 electric vehicles in February, which Wedbush analyst Dan Ives said is up 18% from January and puts Tesla sales in China “on a strong trajectory” in March. “Given China’s Lunar New Year, which took up part of February, we would describe these February results as quite impressive and ahead of the street’s expectations,” Ives wrote. He kept his price target at $ 950 and was neutral. Separately, shares of China-based EV maker Nio Inc. NIO,
rose 5.9% before opening, after falling 29.2% amid a five-day loss series through Monday, which followed a 19.7% decline in February. Among others, China-based EV manufacturers, shares of XPeng Inc. XPEV,
jumped 6.3% and Li Auto Inc. LI,
climbed 5.6%. The rallies of the shares come as futures ES00,
for the S&P 500 SPX,
gained 1.1% ahead of the open.