Tesla shares soar

By the end of the trading day on Wednesday, October 23, shares of the American automaker Tesla soared by 12 percent, adding $80 billion to the company's capitalization, News.Az reports citing Bloomberg.

The reason for this was a positive report for the third quarter that surprised investors and optimistic forecasts, writes Bloomberg.

In particular, an unexpected factor was sales of the Cybertruck electric pickup truck, which for the first time brought profit. In general, the decline in sales in the first half of the year began to recede as demand recovered. Adjusted earnings per share were higher than analysts' forecasts for the first time in four quarters.

In addition, the company's head Elon Musk, in a conversation with investors, once again repeated the boldest forecasts. In particular, he promised to make Tesla the most expensive company in the world and ensure a 20-30 percent increase in deliveries next year.

The businessman confirmed the plan to launch serial production of Cybercab robotaxis in 2026, in order to eventually reach the level of two million cars, and possibly four million. He added that more affordable models could be released next year, but dismissed the issue of competition with mass-market cars such as the Toyota Corolla.

News.Az