Tesla’s shares rose 5% on Monday, helping it increase a four-day winning streak to 13%, as sales of electric vehicles from its Chinese competition demonstrate a continued call in the sector. Nio reported 7,931 cars delivered in July, representing a year-over-year expansion of 125%. Meanwhile, Li Auto and XPeng reported record deliveries in July of 8,589 and 8,040 cars, respectively, representing a year-on-year expansion of 251% and 228%. . The smart delivery figures bode well for Tesla, which has invested a giant component of its business in the region as it temporarily moves to electric cars. Tesla’s Gigafactory in Shanghai produces the Y and 3 models for the Asia-Pacific market, and is still a component under construction, the plant has the capacity to manufacture approximately 500,000 cars a year. Tesla’s 5% on Monday helped inventory surpass the $700 point for the first time since April.
