Tesla shares rose by 1.4% to $405.09 on Wednesday after the electric vehicle manufacturer reported a sharp increase in sales in China in February.

The company sold 58,600 units of Model 3 and Model Y from its factory in Shanghai in February, which is 91% more than a year earlier, Tesla China reported on Wednesday. February's sales figures include exports to Europe and other markets.

Strong results in February follow a 9.3% year-over-year increase in sales in January. Tesla (NASDAQ:TSLA) is on track for its third consecutive session of growth.

China is Tesla's second largest market after the United States. The Shanghai factory manufactures Model 3 sedans and Model Y SUVs for both domestic sales and international exports.

The February jump in sales marks a significant acceleration compared to the single-digit growth rate recorded in the previous month.

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