Tesla shares leap 20% after Elon Musk predicts sales rebound

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Tesla Inc
Tesla shares leap 20% after Elon Musk predicts sales rebound
EV maker adds more than $100bn in market value after billionaire says sales may increase as much as 30% next year

Stephen Morris in San Francisco 2 HOURS AGO

Tesla’s shares surged after the world’s largest electric vehicle maker reported higher than expected quarterly profit while forecasting “slight growth” in deliveries this year and a big jump in 2025.

The performance marks a turnaround for Tesla, which has endured a few disappointing quarters as concern spread about slowing global demand for electric vehicles. It has also been caught up in the divisive political activism of its chief executive, Elon Musk, and a court battle to restore his $56bn package of share options.

Musk on Wednesday afternoon predicted vehicle sales could increase 20 per cent to 30 per cent next year after cost cuts reduce the prices of existing cars which in turn would spur demand. ... He also cited improvements to the self-driving technology and new products, including its autonomous “Cybercab” unveiled earlier this month. Musk also said lower interest rates were reducing monthly financing payments and that was having a meaningful impact on demand.

Tesla’s shares were up 20 per cent on Thursday, adding more than $100bn to its market value. That may provide some relief to investors, given shares are half their November 2021 peak, though the group is still the most valuable global carmaker.

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