Tesla’s Sales Figures Are Coming In. The Stock Is Rising.

Coming into Wednesday trading, its stock was up 6% year to date and 22% over the past 12 months. (Photo by Mario Tama/Getty Images)

Key Points

• Tesla shipped 86,700 cars from its Shanghai plant in November, a 10% increase year over year, following a 10% decrease in October.
• Through November, Tesla’s Shanghai shipments totaled approximately 755,000 cars, an 8% decrease compared to the same period in 2024.
• China, which accounted for almost 40% of Tesla’s total car sales in 2024, is on track for its first annual sales decline.

Tesla stock rose early on Wednesday after less terrible sales numbers from Germany followed solid sales data in China.

Shares of the electric-vehicle maker were up 1.6% in early trading at $435.89, while the S&P 500 and Dow Jones Industrial Average were both down less than 0.1%.

Industry data providers disclosed Tesla’s wholesale sales figures for China on Tuesday. The car maker shipped 86,700 cars from its Shanghai plant in November, up 10% year over year.

Growth is good, but the bounce came after the company shipped just 61,497 EVs in October, down 10% year over year.

Through November, Tesla has shipped about 755,000 cars from Shanghai, down 8% compared with the same period of 2024. Tesla’s domestic retail sales should be released in a few days. Through October, Tesla has sold about 464,000 cars to Chinese buyers, down about 7% year over year.

Tesla is on pace to have its first down year in China ever. That is significant because China accounted for almost 40% of Tesla’s total car sales in 2024.

More competition has led to a decline in market share. Overall, electrified vehicle sales were up about 19% year over year through October, according to Citi analyst Jeff Chung. Chinese brands have been the ones picking up market share this year.

Tesla has also struggled in Europe. German sales data released on Wednesday showed 1,763 Tesla registrations in November, down 20% year over year. That’s actually an improvement. That brought Tesla’s year-to-date total in Germany to 17,358 vehicles, down 48% year over year.

Through October, the most recent data available, Tesla had sold 117,000 cars year to date in European Union countries, down 39% compared with the same period of 2024.

Through the first three quarters of 2025, Tesla sold about 1.22 million cars globally, down 6% year over year.

Lower car sales for Tesla just haven’t troubled investors too much, though. Coming into Wednesday trading, its stock was up 6% year to date and 22% over the past 12 months. Investors are thinking more about Tesla’s other businesses—AI-trained self-driving cars and robots— these days.

Write to Al Root at allen.root@dowjones.com