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Tesla shares rebound as Musk allays investor fears over price cuts and declining demand aims for 2 million sales this year
Tesla shares rose 10 percent after Elon Musk managed to allay investor fears about price cuts and declining consumer demand.
The stock is up nearly 50 percent since the start of the year, but is down about 60 percent from its peak in November 2021.
The electric car maker posted a profit of £11.4bn for 2022, up 85 per cent year-on-year, while revenues rose 51 per cent to £65.7bn.
Recovery: Tesla stock is now up nearly 50% since the start of the year, though it’s down about 60% from its peak in November 2021
It followed a fourth-quarter profit of £3.3 billion, up 43 per cent from 2021 and beating market expectations.
Musk, the CEO, said it could make 2 million cars this year.
He said. “So far in January we have seen the strongest orders since the beginning of the year than any time in our history. We are currently seeing orders almost twice as fast as production.”
The results will provide some comfort to the world’s second richest man, who is embroiled in a lawsuit amid claims he defrauded investors after tweeting in 2018 that he had “secured funding” to take Tesla private .
As a result, shares shot up and then fell when it became clear that no deal had been made.