TESLA STOCK CLIMBS AS CHINA CAR SALES RISE

Car sales in China jumped in May for the first time since June 2019, and Tesla's were the top-selling new energy vehicles with more than 11,000 units sold during the month, the China Passenger Car Association said on Monday, June 8, 2020.

Shares of Tesla surged as much as 5.4% on Monday to $933.44 a share, surpassing the company's February all-time high close of $917.42, Carmen Reinicke reported for Business Insider.

Solid Tesla sales in China "is a linchpin to the bull thesis moving forward," Daniel Ives, an analyst at Wedbush, wrote in a Monday note. In April, registrations of Tesla vehicles in China slumped to 4,633 from a record 12,710 a month before, when the company resumed production at its Shanghai Gigafactory following a mandatory coronavirus-related shutdown.

The Elon Musk-led electric vehicle company has lowered prices in China twice in the last two months, Bloomberg reported.