Tesla(TSLA.US) opened up nearly 4%. The company's Chinese domestic electric vehicle sales soared 91% in February.

On Wednesday, Tesla (TSLA.US) opened up nearly 4%, with its share price hitting a two-week high. It is currently trading at $414.95. In related news, Tesla’s electric vehicles produced in China saw February sales rise for the fourth consecutive month, exceeding market expectations. A lower sales base from the same period last year effectively offset the negative impact brought by seasonal factors. Data show that the Model 3 and Model Y produced at Tesla’s Shanghai Super Factory—covering deliveries of vehicles exported to markets such as Europe—totaled 58,600 units in February, a sharp increase of 91% versus the same period last year, while the gain in January was 9.3%. In addition, based on data released by the China Association of Automobile Manufacturers, Tesla’s Shanghai plant exported about 20,000 electric vehicles last month, up by roughly 4.2 times compared with the same period last year.

Patrick Hummel, head of automotive industry research for UBS EMEA, wrote in a post that in the firm’s latest disassembly series it analyzed five next-generation batteries from CATL (300750) (03750), Tesla, and General Motors (GM.US)/LGES (Ultium) to understand how quickly change is unfolding in the electric-vehicle sector. The results show that an important moment has arrived: electric vehicles are narrowing the gap with traditional cars in terms of cost, range, and charging time—the long-awaited “triple parity.”