Tesla (TSLA) stock continued to rise on Friday after the electric vehicle maker announced its quarter results late Wednesday. The automaker saw a modest gain of about three percent Friday morning.
The day before, Tesla stock rose by about 22 percent after the company reported its mixed quarter results. It saw an increase in profit but a decrease in revenue. Investors remain bullish about the automaker’s stock in 2024 after CEO Elon Musk’s optimism for 2025.
Tesla announced its third-quarter results after the close of the bell on Wednesday. Pre-market trading on Thursday saw a 13 percent increase in share price, which touched a reported 22 percent increase later in the day.
CEO Elon Musk anticipates vehicle growth of 20 percent to 30 percent due to the upcoming launch of a low-cost vehicle. Analysts expected an increase of 15 percent.
Musk also said the cybertruck’s “production increased sequentially and achieved a positive gross margin for the first time.”
Tesla’s beleaguered cyber truck has pulled down the company in the past. The automaker has never reported its revenues or deliveries separately but clubbed the beleaguered electric truck with other electric vehicles each quarter. Tesla announced that its cyber truck was the third best-selling electric vehicle, following the Model Y and Model 3.
Tesla reported $2.5 billion in the quarter, or 72 cents per share. Analysts say this is an 8 percent increase from the same quarter a year ago and higher than the 59 cents EPS.
Tesla’s $185 million revenue increase was due to the sale of regulatory credits to legacy automakers. It also sold almost double the number of solar cells, batteries, and energy products for a total value of $1.5 billion, which boosted its quarter results. Tesla saw a 1 percent increase in revenue due to electric vehicle sales.
CWEB analyzes Tesla stock as being on hold.
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