Is Tesla Inc. [TSLA] Stock Still Just for Futuristic Bulls?

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Tesla’s sales in China grew by over 200 percent during the coronavirus outbreak, says a filing Monday.

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The electric car maker’s sales in China last year were approximately five percent, or about $6.66 billion out of a $31.54 billion total.

In 2019, Tesla sales in China reached $2.98 billion, or just 12 percent of the $24.58 billion in total sales.Tesla’s biggest market remained the U.S., where sales grew by 20% to $15.21 billion last year and accounted for roughly half of total sales.

Tesla began ramping up production in Shanghai last year, supplying the Chinese market with Chinese-made cars.

China’s Passenger Car Association said that the company’s Model 3 would be China’s best-selling electric vehicle in 2020. Tesla started supplying a brand new Chinese-made Model Y this year to local customers.

However, electric car startups in China like Nio and Xpeng have been making serious headway against Tesla in the local market as regulatory scrutiny has grown.

On Monday, the Chinese State Administration for Market Regulation (SAMR) announced that the SAMR and four other government departments gathered with Tesla’s local subsidiaries to discuss an increase in consumer reports of vehicle problems.

Several incidents in the last few weeks have made headlines on Chinese social media, including an exploding Tesla Model 3 in a Shanghai parking garage in January, and the Chinese authorities have said almost 36,000 Model 3s need to be recalled due to a touchscreen failure.

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