Tesla's China sales data released on Wednesday showed that the electric vehicle maker's brand sold a record 21,900 vehicles in the first week of December in China, the highest weekly vehicle sales since the fourth quarter of 2024 began. The stock has surged more than 65% since Trump won the U.S. presidential election, outperforming the broader U.S. market and the other six of the so-called "Magnificent Seven" stocks.
The rare weekly sales disclosure comes after the company reported its best monthly sales in China this year, with more than 73,000 vehicles sold in November, a record high for the month.
Statistics show that the Model Y was the best-selling electric passenger vehicle in China last year, with 556,000 units sold.
The U.S.-based electric vehicle giant has stepped up sales incentives in China, especially for the Model Y, before the end of the year, offering a limited-time discount of 10,000 yuan ($1,375.89) on outstanding loans, as the company temporarily lags behind in cost-cutting and price competition led by Chinese EV players.
On the stock front, Tesla's shares have surged "crazy" since Trump's December victory, up more than 65% since Trump announced his win in November, and its market value has reached $1.3 trillion. The stock closed up 2.87% at $400.99 on Tuesday, topping the $400 target price given by Bank of America, Morgan Stanley and Wedbush, the Wall Street high.
Elon Musk, the world's richest man, has been pouring money into Trump since the "King of the World" was attacked, and the global richest man has been "all-in" on Trump. For investors bullish on Tesla's stock and Musk's fans, Trump's return to the White House and his announcement that Musk will lead the "U.S. government efficiency department" will completely change the narrative logic of Tesla and Musk's companies in the coming years in artificial intelligence, humanoid robots, autonomous driving and Tesla's artificial intelligence supercomputing system, and they believe that the long-standing regulatory issues that Musk complains about, such as "low efficiency of the federal government" and "delayed FSD and Robotaxi regulatory reviews," may see "qualitative change" in the review process.