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Tesla reported that sales of its Model 3 vehicle in May was more than 3 times greater than in April.

The China Passenger Car Association (CPCA), announced that Tesla sold 11,095 Model 3 vehicles in China in May, according to Business Insider.

The number of Model 3s sold in May was more than 3 times greater than the 3,635 vehicles sold in April.

China is home to the world's largest automotive market and just posted its first month-over-month sales gain in almost a year. CPCA data shows that the sale of vehicles increased to 1.64 million in May, a 1.9 percent increase from a year earlier.

Investors responded well to the news and drove Tesla stock up as much as 5.4 percent to a new all-time high. "Strong Model 3 demand out of China remains a ray of light for Tesla in a dark global macro and appears to be on a run rate to hit 100k unit deliveries in the first year out of the gates for Giga 3 which is driving some strength for Tesla as well as Model Y deliveries starting to ramp as well," Dan Ives, an analyst at Wedbush, said.

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