Tesla, Inc. (NASDAQ:TSLA) is priming for more gains on Tuesday after the stock erased its losses for the year with a nearly 5% jump on Monday.
The catalyst that is potentially offering support on Tuesday is data out of China that showed that insured registered for Tesla vehicles remained healthy for the recent reporting week. The metric came in at 13,800 for the week of Sept. 16-22, down 11.54% from 15,600 in the previous reporting week, CnEVPost reported, citing data from Li Auto, Inc. (NASDAQ:LI).
Commenting on the number, Future Fund's Gary Black said the performance has come despite a two-day Mid-Autumn Festival national holiday. Through 12 weeks, third-quarter deliveries are up 18.5% year-over-year and 19.9% higher than the previous quarter, he said. "Still on track for TSLA China's best quarter ever," he added.
The stock could gain more until the third-quarter delivery report, likely due next Wednesday, with potential upward revision by sell-side analysts due to China's strength providing additional support.
In premarket trading, Tesla rose 1.16% to $252.90, according to Benzinga Pro data. For the year, the stock is now up about 0.6%.
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