Shares of Tesla Inc. TSLA,
it jumped 5.6% in pre-sale trading on Tuesday, after falling 21.6% amid a streak that missed five days through Monday, following upbeat car sales data out of China. The China Passenger Car Association said sales of electric vehicles in February rose more than sevenfold a year ago and fell 38% from January, to 97,000 EVs. Tesla sold 18,318 EVs in February, which Wedbush analyst Dan Ives said rose 18% from January and put China – based sales “on a strong path” in March. “Considering the Lunar New Year in China, which took its toll in February, we would celebrate the results of this February very impressively and ahead of street expectations,” wrote Ives. its stock at $ 950 and the rating at neutral.Since, shares of China-based EV maker Nio Inc. NIO,
rallied 5.9% ahead of the opening, after falling 29.2% amid a five-day climb through Monday, followed by a 19.7% fall in February. Other China-based EV manufacturers include shares of XPeng Inc. XPEV,
jumped 6.3% and Li Auto Inc. LI,
it climbed 5.6%. Stock rallies come as ES00 futures,
for the S&P 500 SPX,
has gained 1.1% lead.