Tesla’s Chinese suppliers rise on strong Q2 delivery figures
Shares of Tesla’s Chinese suppliers rose on Friday after the electric vehicle maker clocked strong second-quarter delivery figures, driving optimism over a potential recovery after two years of falling sales.
Auro parts suppliers Ningbo Xusheng, Ningbo Tuopu, and Zhejiang Sanhua rose between 5% and 9% in Mainland trade.
In Hong Kong, Fuyao Glass added 3%, while major battery supplier CATL rose 0.7%.
Tesla delivered a record 480,126 vehicles in the June quarter, aided by strong sales in Europe and marginal growth in China.
The company introduced a host of lower-cost variants of its best-selling Model 3 and Model Y vehicles, which helped underpin sales, especially amid rising global fuel prices.
The production of a refreshed Model Y also helped boost overall sales of China-made vehicles, indicating that China continued to remain a major production and sales hub for the electric vehicle maker.
Tesla’s sales strength comes despite heightened competition from major Chinese EV makers such as BYD, which are also steadily expanding their presence in Europe.
