In the new energy vehicle category, which includes hybrid and pure electric cars, BYD sold more than 23,000 units in March, bringing the total in the first quarter to 53,380 cars. These electric vehicle sales figures come as China's automotive market is recovering from the coronavirus pandemic. New motor vehicle registrations in the first quarter of this year rose to a record 9.66 million, according to the Chinese Ministry of Public Security. New energy vehicles accounted for 466,000, or just over 6% of newly registered cars, the data showed. The percentage of renewable energy cars nationwide that are purely electric was 81.5% in the first quarter, roughly the same figure as in 2020, according to Public Safety data. However, in the global market context, China's electric car manufacturers still have a long way to go. Electric car market leader Tesla (NASDAQ: TSLA) reported last week that it delivered 184,800 cars worldwide in the first quarter. While the manufacturer did not disclose figures for China, the company said in a statement: "We are encouraged by the strong reception of the Model Y in China and are progressing rapidly towards full production capacity." Elon Musk's firm began deliveries of its China-made Model Y last January. This car was the third best-selling renewable energy vehicle in China in February, according to the China Passenger Car Association.  Kimbal Musk, the younger brother of the CEO of Tesla (NASDAQ: TSLA), has made more than $ 7 million trading shares of the electric vehicle maker: He acquired shares through options and sold them on the same day at an average price of $ 600 more than what you paid for them.
In a filing with the Securities and Exchange Commission (SEC), Tesla reveals that Kimbal, who sits on the company's board of directors, exercised options to buy 12,000 common shares on April 1 at a price of $ 74.17 per share, for $ 890,040.00. That same day, Kimbal sold 12,000 shares on the open market at an average price of $ 675.856, according to MarketWatch calculations, to raise $ 8,110,149.46. In net terms, Kimbal made $ 7,220,109.46. The company said the stock sales were part of a Rule 10b5-1 business plan adopted by Kimbal on May 19, 2020. Rule 10b5-1 allows, under SEC rules, the major shareholders and insiders of publicly traded corporations to trade a predetermined number of shares at a predetermined time. Also read: Pfizer and Moderna: The curious 10b5-1 plan or how to get (more) rich in a minute Elon Musk's brother still owned 599,740 Tesla common shares after the sale, which at current prices were valued at around $ 414.7 million. He also benefited from options to buy 197,250 shares. As MarketWatch recalls, Kimbal has been pretty good at picking short-term highs in Tesla stocks in recent months. The last time he sold shares was on February 9, at a weighted average price of $ 852,117. The stock closed that day at $ 849.46 and has since closed below that level. |
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