Direxion Daily TSLA Bull 2X Shares (TSLL), an exchange-traded fund (ETF) that provides leveraged exposure to Tesla (TSLA) stock, soared 7.48% during intraday trading on September 5, 2024. This significant surge can be attributed to Tesla's strong performance in the crucial Chinese market and the company's ambitious expansion plans, which boosted investor confidence in the electric vehicle (EV) maker.
According to data from the China Passenger Car Association, Tesla's sales of China-made Model 3 sedans and Model Y SUVs reached an impressive 86,697 units in August, marking a 17% increase compared to July and a 3% year-over-year growth. This robust sales momentum can be attributed to government incentives and strategic price cuts implemented by Tesla to attract cost-conscious consumers in China's sluggish economic environment.
Furthermore, reports suggest that Tesla is planning to introduce a six-seat variant of its popular Model Y electric SUV in China, with production slated to begin in late 2025. This move is expected to solidify Tesla's position in the world's largest automotive market and cater to the growing demand for electric vehicles, further fueling investor optimism.
