Tesla Shares Gain as China-Made Deliveries Accelerate 5% in September

Tesla shares rose more than 1.5% in premarket trading after sales of its China-made electric vehicles grew 5% year-over-year in September to 95,366 units. The result accelerated from 3.6% growth in August and marked the 11th consecutive month of annual expansion for the Shanghai plant. Third-quarter deliveries of Shanghai-produced vehicles jumped 13.7%, contributing to global quarterly deliveries of 486,532 units that beat consensus estimates of roughly 461,000 despite a 2.1% annual drop. To counter intense domestic competition, Tesla is offering discounts of up to 7,000 yuan ($1,044) in China through October.