Tesla stock climbs toward longest win streak in 4 months

Cheetah Net Supply Chain Service Inc

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Company profile

Cheetah Net Supply Chain Service Inc. is a supplier of parallel-import vehicles in the United States to be sold in the People’s Republic of China (PRC) market. The Company and its wholly owned subsidiaries are primarily engaged in the parallel-import vehicle dealership business. In the PRC, parallel-import vehicles refer to those purchased by dealers directly from overseas markets and imported for sale through channels other than brand manufacturers’ official distribution systems. The Company purchases automobiles, primarily luxury brands such as Mercedes, BMW, Porsche, Lexus, and Bentley, from the U.S. market and resells them to its customers, including both U.S. and PRC parallel-import car dealers. The Company holds 100% of the equity interests in the subsidiaries, such as Allen-Boy International LLC, Canaan International LLC, Pacific Consulting LLC, Canaan Limousine LLC, Entour Solutions LLC, Spirit Solutions LLC, and Cheetah Net Logistics LLC.

Tesla stock climbs toward longest win streak in 4 months

9:04 am ET June 2, 2023 (MarketWatch) Print

Shares of Tesla Inc. (TSLA) tacked on 1.3% in premarket trading Friday, to put them on track for a sixth-straight gain, amid broad gains among its electric vehicle peers. The stock, which was headed toward a 3 1/2-month high, had rallied 13.5% over the past five sessions. A six-day win streak would be the longest since the 8-day stretch that ended Feb. 9. Among other EV makers, shares of China-based Nio Inc. (NIO) ran up 4.1%, Rivian Automotive Inc. (RIVN) gained 1.4%, Nikola Corp. (NKLA) advanced 2.6%, Lucid Group Inc. (LCID) rose 0.3% and China-based XPeng Inc. (XPEV) hiked up 5.9%. The gains come as futures for the S&P 500 rose 0.5%.

-Tomi Kilgore

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June 02, 2023 09:04 ET (13:04 GMT)