Tesla shares jump ahead of report; investors eye factories, Cybertruck -Breaking
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© Reuters. FILEPHOTO: The Tesla logo was photographed in a Tesla showroom in New York on April 29, 2016. REUTERS/Lucas Jackson/File Photo(Reuters) – Shares in Tesla (NASDAQ) Inc rose on Wednesday ahead the quarterly report of Tesla after the bell. Investors are focusing on the speed with which the electric vehicle maker can scale up production at new plants.
Stocks of the leading EV manufacturer increased almost 5% due to a rebound in Wall Street growth stocks.
Elon Musk, Tesla’s Chief Executive Officer, posted that he was driving the prototype of Tesla Cybertruck’s electric pickup truck around Austin’s plant, Texas. He said, “It is awesome.”
Musk promised a new product roadmap. Investors expect Cybertruck will launch in the next few months.
(Graphic: Tesla’s market cap vs analyst price targets, https://fingfx.thomsonreuters.com/gfx/mkt/myvmnjmxopr/Pasted%20image%201643218926773.png)
According to Refinitiv, Tesla is more resilient than most automakers to the global supply-chain crisis. Analysts expect average December quarter revenue to rise 53% to $16.41 trillion and adjusted earnings per share to be $2.32.
According to analysts, Tesla’s Texas and Berlin factories could eventually increase their production by at least two times. However, Tesla is yet to start production.
Tesla shares have fallen 23% since November’s record close, which was about 23%, while it has been down 10% through 2022.
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