Tesla shares expanded gains to 6.2%, its biggest intraday gain in nearly three weeks.
Tesla insurance registrations in China grew for the fourth straight week, as Tesla stock has managed to gain ground since the SVB Financial crash began to weigh on institutions and the broader market. Meanwhile, Moody's lifted Tesla's credit rating out of junk.
Tesla had 18,712 insurance registrations for the week of March 13 to 19, up 10% from the 17,032 in the prior week. The global EV giant had 12,478 Model Y registrations last week and 6,623 Model 3 registrations. Tesla saw its Model 3 numbers increase nearly 10% last week after shooting up 83% two weeks ago. Registrations provide a de facto measure of new car sales in China.
Moody's Upgrades Tesla To Investment Grade
Moody's Investors Service upgraded Tesla's credit rating by one notch to Baa3, giving it investment-grade status from a prior junk rating. S&P Global did the same in October. An investment grade from at least two major credit ratings agencies is considered important.
Moody's wrote that the EV giant's outlook is stable and that it expects free cash flow of more than $7 billion and limited debt through 2025.
"Tesla will remain one of the foremost manufacturers of battery electric vehicles with an expanding global presence and very high profitability," Moody's wrote Monday.