Tesla’s stock bounces into positive territory after China-based rivals report upbeat June deliveries

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Shares of Tesla Inc. TSLA, +1.24% bounced into positive territory in premarket trading Friday, going from an earlier loss of as much as 1.7% to a gain of 0.5%, after China-based electric vehicle makers reported strong June deliveries data. China is an important market for Tesla, as the EV giant generated 24.8% of its revenue from China in the first quarter, and 25.7% of its revenue from China in 2021. The stock’s bounce comes after it had lost 8.6% amid a four-day losing streak through Thursday, to end the month of June with a 11.2% decline. NIO Inc. NIO, -1.66%, Li Auto Inc. LI, -1.59% and XPeng Inc. XPEV, -4.60% all reported big increases in June deliveries, both from a month ago and from a year ago, to continue a recovery after a relatively rough April. Tesla’s stock has dropped 36.3% year to date through Thursday, while the S&P 500 SPX, +1.06% has declined 20.6%.

This article was originally published by Marketwatch.com. Read the original article here.

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