– Shares of Tesla Inc rallied on Wednesday ahead of the electric car maker’s quarterly report after the bell, with investors focused on how quickly the company can scale production at new factories.
The leading EV maker’s stock added almost 5%, lifted in part by a recovery in growth stocks across Wall Street.
Ahead of Tesla’s report, Chief Executive Officer Elon Musk tweeted that he has been driving a prototype of Tesla’s upcoming Cybertruck electric pickup truck around the company’s factory in Austin, Texas, saying, “It’s awesome”.
Musk has promised an updated product roadmap. Some investors expect timeframes for the launch of Cybertruck and a hoped-for $25,000 electric car.
(Graphic: Tesla’s market cap vs analyst price targets, https://fingfx.thomsonreuters.com/gfx/mkt/myvmnjmxopr/Pasted%20image%201643218926773.png)
Tesla has weathered the global supply chain crisis better than other automakers, and analysts on average expect December-quarter revenue up 53% to $16.41 billion and adjusted earnings per share of $2.32, according to Refinitiv.
Analysts have said Tesla’s two new factories in Texas and Berlin eventually could double production capacity, but it is not clear whether Tesla has started production.
Caught up in a broad selloff of growth stocks, Tesla’s stock has fallen about 23% from its record high close in November, and it is down 10% so far in 2022.
(Reporting by Noel Randewich; Editing by Bernard Orr)