Business_news Tesla surges 11% amid Goldman Sachs report that weekly app downloads show growth in China

Business_news

FILE PHOTO: Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai

Reuters

  • Tesla surged 11% on Monday amid a rebound in the overall market and a report from Goldman Sachs that showed growth in downloads of the Tesla app in China.
  • Citing data from Sensor Tower, Goldman highlighted that the most recent full week of data shows year-over-year growth of 20% in global app downloads.
  • Year-over-year growth in Tesla app downloads is primarily being driven by China, while year-to-date growth in downloads has been driven primarily by the US and China, Goldman said.
  • Goldman maintained its “neutral” rating and $295 price target.
  • Visit business Insider’s homepage for more stories.

Shares ofTeslasurged as much as 11% on Monday amid a bounce in the overall stock market and a Goldman Sachs report that highlighted growth in Tesla app downloads.

Goldman said on Monday, citing data from Sensor Tower, that global Tesla app downloads “have recently been tracking up on a yoy basis.”

The most recent full week of global data shows Tesla app downloads are up about 20% year-over-year. 

The firm did note that some of the growth can be attributed to Tesla typically having much stronger deliveries in the last month of the Quarter.

“Tesla’s deliveries tend to be back-end weighted in part because in a given quarter the company typically starts building cars that have to be delivered the farthest away first, and this results in a lot of deliveries occurring in the final month of a Quarter,” Goldman explained.

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But even on a three-month moving-average basis, the growth in Tesla app downloads is apparent, based on the data.

Goldman Sachs

The growth in Tesla app downloads year-to-date is primarily being driven by customers in the US and China, while year-over-year growth in downloads is being driven by customers in China. 

Goldman maintained its “neutral” rating and $295 price target.

Shares of Tesla hit a high of $413.24, up 11%, in Monday trades.

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