YMM - Tesla rallies for fourth straight session after strong China EV deliveries reports

Tesla (TSLA +5.2%) is higher in morning trading and is looking to record its fourth straight session of gains. The strong push today is being tied to good reads from Chinese automakers Nio (NIO +3.0%), XPeng (XPEV +7.3%) and Li Auto (LI +3.2%) on demand. The round of reports on deliveries for July is more than offsetting concerns over Beijing regulation moves. Looking ahead, Shanghai-based analyst Gao Shen thinks China EV start-ups XPeng and Li Auto pushing over the 10K monthly unit mark is a meaningful threshold to watch because after exceeding that level - a carmaker will be "viewed as a powerful player" in the automotive industry. Last week, Tesla announced that the price of the standard range Model 3 after subsidy would be reduced about 6% or 15,000 yuan ($2,320) to 235,900 yuan. Elsewhere in the EV sector, Full Truck Alliance (YMM +18.3%), Lordstown Motors (RIDE +4.6%), Arrival (ARVL

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Tesla rallies for fourth straight session after strong China EV deliveries reports