This last week saw a 33% increase in Tesla stock, which is the second-highest weekly performance on record and the greatest since May 2013.
On Friday, the stock increased 11% to settle at $177.88. The uptick came after a six-month slide in Tesla share prices of more than 40%. The stock’s 65% drop in 2022 was the biggest in Tesla’s more than twelve years as a publicly traded business.
An encouraging fourth-quarter earnings report contributed to Tesla’s rise this week. Elon Musk, the business’s CEO, stated on a conference call with investors and analysts that the company was on track to perhaps create 2 million vehicles in 2023 and that he believed demand would support sales of those vehicles as well.
According to official estimates, 1.8 million vehicles should be produced this year. The corporation hasn’t changed its long-term objective of a 50% compound annual growth rate over a period of several years.
