Elon Musk, CEO of Tesla, attends the opening ceremony at Tesla Shanghai Gigafactory. Shanghai, East China. Xinhua/ via Getty ImagesTesla's 4-day winning streak was extended to 13% Monday thanks to strong data on EV sales from Chinese rivals.Sales results from Nio and XPeng showed continued demand from Chinese consumers for EVs.Tesla shares rose as high as 5% Monday, and traded above $700 for the first time since April.Subscribe to our daily newsletter 10 Things Before The Opening Bell.Tesla shares rose as high as 5% Monday. This was due to strong sales of electric vehicles from Chinese competitors.Nio reported that it shipped 7,931 vehicles in July. This represents a 125% increase year-over-year. Li Auto and XPeng both reported record July deliveries, with 8,589 and 8,040 respectively. This represents year-over-year growths of 251%, 228%, and 251%, respectively.Tesla's strong deliveries figures are a boon for the company, which has based a large part of its business in China as it rapidly transitions to electric cars. The Model Y and Model 3 are produced by Tesla's Shanghai Gigafactory for the Asia-Pacific markets. Although it is still under construction, the factory can produce nearly 500,000 vehicles each year.As EV sales continue to grow, investors seem to be ignoring concerns about Beijing's increased regulation. China was 30% of Tesla's total sales for the second quarter. According to Barrons data, China's Shanghai plant produced 45% of Tesla’s total production in the three months ending June 30.Tesla's Monday 5% surge helped the stock trade above $700 for the first time since April.Markets Insider
