Tesla Started To Bounce Back From Its April Sales Slump In China

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Tesla Started To Bounce Back From Its April Sales Slump In China

China Passenger Car Association data shows Tesla Inc (NASDAQ: TSLA) began to recover from its April sales slump. The automaker sold 33,463 cars in China last month, a 29% increase from 25,845 vehicles sold in April. Hedge Fund Letters, Conferences, and More in Q1 2021 Tesla will begin bouncing off April […]

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June 10, 2021 3 minutes to read

This story originally appeared on ValueWalk

Data from the China Passenger Car Association shows that Tesla Inc (NASDAQ: TSLA) began to recover from its April sales slump. The automaker sold 33,463 cars in China last month, a 29% increase from 25,845 vehicles sold in April.

Hedge fund letters, conferences, and more in the first quarter of 2021

Tesla is starting to recover from the April slump

Tesla was able to exceed April sales in China, but lagged behind the March result. In March, 35,478 cars were sold in China. Exports from the Tesla factory in Shanghai also fell compared to the previous month.

The automaker’s sales rallies came despite negative headlines and scrutiny by Chinese regulators over reports of failed breaks by customers. Additionally, due to a lack of computer chips, Tesla is under pressure with the rest of the auto industry.

Last month, the automaker shipped 11,527 cars from its factory in China, less than the 14,174 vehicles it shipped in April. Total all-electric vehicle sales in China more than doubled year over year, increasing 186% to 162,000 last month. However, CNBC notes that some have expressed skepticism about the China Passenger Car Association’s numbers.

Although Tesla is among the top 10 manufacturers of new energy vehicles in China, domestic startups like Nio also did well last month. Hybrid cars are among the new energy vehicles. Volkswagen accounted for 48% of sales of new energy vehicles from mainstream joint ventures with foreign brands. The association also said that Audi, BMW, Mercedes Benz and other luxury electric cars have yet to see significant increases in purchases.

AI-powered fund sells Tesla

In other Tesla news, MarketWatch reports that an artificial intelligence-powered exchange-traded fund is leaving the automaker this month and moving to GameStop Corp. (NYSE: GME), Qualcomm, Inc. (NASDAQ: QCOM), and Snap Inc (NYSE: SCHNAPP).

Tesla and Amazon Inc (NASDAQ: AMZN) and were two of the three largest positions in the Qraft AI-Enhanced US Large Cap Momentum ETF (NYSEARCA: AMOM). However, the ETF has completely ditched these positions along with NVIDIA Corporation (NASDAQ: NVDA), which was their sixth largest position. The AI ​​that powers the Qraft fund expects these stocks to fall in the coming month.

The addition of GameStop raised some eyebrows as it’s basically the poster child for meme stocks. Qraft chief executive Geeseok Oh told MarketWatch that “few fund managers would take the risk of adding a Meme stock to their portfolio”. However, the artificial intelligence that powers the ETF is unaware of such prejudices.

The top 5 stocks added to the Qraft ETF this month were Qualcomm, Philip Morris International Inc. (NYSE: PM), Snap, Edwards Lifesciences Corp (NYSE: EW), and Align Technology, Inc. (NASDAQ: ALGN).

Tesla is part of the Entrepreneur Index, which tracks 60 of the largest listed companies that are managed by their founders or their founding families.