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Tesla Inc.: China Sales Data Catalyst Stock Gain
3/23/2023 3:04 PMThe shares of Tesla Inc., the world's leading manufacturer of electric cars, continue their global correction, trading at 191.00.
On April 24, the financial report for the first quarter will be published, and analysts, in an attempt to predict possible indicators, note that the company can achieve record revenue in China due to the recent price cut of its best-selling models to 13.5%. According to China Merchants Bank Co. Ltd., Tesla Inc. from January 1 to March 19, sold 106.915K vehicles, or an average of 1.371K units per day, which is higher than the average value of 1.327K per day in the previous quarter. Although the performance of the corporation lags behind its main competitor, BYD Co. Ltd., price cuts have led the Chinese company to also decide to reduce the cost of its products. At the moment, sales of Tesla Inc. in the sector of new electric vehicles amounted to 7.9%, which is higher than 6.8% in the same period a year earlier and indicates stable growth.
The issuer's revenue is expected at 23.79B dollars, down from 24.32B dollars in the previous quarter, and earnings per share could be 0.86 dollars, also down from 1.19 dollars before but the company still has a whole month to balance these figures.
On the four-hour chart, the trading instrument is moving in a local correctional corridor, being near the resistance line around 200.00.
Technical indicators strengthen the buy signal: fast EMAs on the Alligator indicator move away from the signal line, and the AO histogram forms rising bars.
Resistance levels: 200.00, 223.00. | Support levels: 178.00, 155.00.