According to China Passenger Car Association (CPCA), Tesla sold 10,160 electric vehicles in China in March alone. That is a massive leap from the February sales of 3,900 electric vehicles.
This is a milestone for the electric vehicle makers, and market seems to be loving it. Pre-market is up almost 2% on the news.
Overall passenger car sales in March were down 40.8% from a year earlier.
This re-assures investors that Tesla will always sell every vehicle that comes out of their production lines.
Yesterday, Tesla decided to furlough non-critical employees without pay and temporarily cut executive salaries as much as 30%. A move to help conserve capital while their USA plants are offline, as coronavirus pandemic affects world economies.