Tesla executives appeared to have hit all the right notes Wednesday, with the stock still up 12% in after-hours as the call ended.
Only two analysts were allowed to ask questions, and much of the call was spent reviewing questions submitted in advance by Tesla shareholders.
Chief Executive Officer Elon Musk has called for a 20-30% increase in car sales in 2025 and reaffirmed plans to introduce low-cost electric vehicles by the first half of next year. He also promised to have ride-hailing robotaxis in Texas, California and likely more states by next year, as well as an “amazing” Roadster.
Tesla stock has fallen about 10% since it disappointed investors on Oct. 10, when the company’s Robotaxi Day was short on details for many.
RBC Capital Markets’ Tom Narayan said in a note that stocks “could rise sharply on the back of these results and announcements” on Thursday.
The 12% increase was Tesla’s biggest profit increase since the 12.06% rise following the release of Q1 2024 results.
If the rally continues, Tesla will be aiming for its highest closing price since robotaxi day, when it closed at $238.77, ending a five-day losing streak.
Shares have fallen nearly 9% this month, the worst since March, when they fell 13%. The stock is down 4% this year, marking its worst year since 2022, when it fell 65%.
