Tesla shares rebound as Musk allays investor fears over price cuts and slowing demand targets 2 million sales this year
Tesla shares jumped 10% after Elon Musk managed to allay investor fears over price cuts and slowing consumer demand.
The stock is up nearly 50% year-to-date, but down about 60% from its November 2021 peak.
The electric carmaker posted a profit of £11.4bn for 2022, up 85% year on year, while revenue rose 51% to £65.7bn.
Recovery: Tesla stock is now up almost 50% since the start of the year, although it remains down about 60% from its peak in November 2021
It follows a profit of £3.3bn in the fourth quarter, 43% more than in 2021 and beating market expectations.
Musk, the chief executive, said he could make 2 million cars this year.
He said. “So far in January, we have seen the largest orders year-to-date than ever in our history. We are currently seeing orders at nearly double the production rate.
The findings will bring some comfort to the world’s second-richest man, who is locked in a court battle amid allegations he defrauded investors after he tweeted in 2018 that he had ‘funding secured’ to privatize You’re here.
This sent the shares soaring, then falling when it became clear that a deal had not been reached.