Tesla stock closes at an all-time high on bullish sales data out of China

Good news for Tesla bulls: the Elon Musk-led company just hit a new record high, closing over $949 on Monday, in part on news that the electric vehicle maker tripled its Model 3 sales in China in May amid a boost in demand.

Sales of Tesla’s Model 3 vehicle made in Shanghai topped 11,000 vehicles in May versus 3,635 in April, according to a report by the China Passenger Car Association (CPCA). Telsa did not immediately respond to Fortune‘s request for comment.

That bounce back in demand, after a rough couple months due to the coronavirus, is what Wedbush’s Dan Ives calls “a