The electric car manufacturer Tesla has experienced a 17% increase in its stock on Wall Street following the publication of its third-quarter results that surpassed investors' expectations.
According to the company, during the third quarter of 2024, its net profits rose 17% compared to the same period last year. Despite this, the results from the first half of the year, when earnings fell by 50%, have partially impacted this year's figures.
A highlighted detail revealed by Tesla is the significant reduction in the production cost of its vehicles in the third quarter of 2024, reaching about $35,100 per unit, the lowest figure in the company's history.
Wall Street investors have received the company's performance in the last three months positively. According to Dow Jones Market Data, if Tesla's stock continues to rise, the company could record its largest stock increase since 2019 after the publication of results.
Analyst Alexander Potter from Piper Sandler mentioned that investors have been encouraged by the new information revealed by Tesla in its results and the confirmation of its plans to launch a new vehicle in 2025. Additionally, the company has forecasted a growth in its vehicle deliveries of 20% to 30% for the next year, which has generated enthusiasm among traders.
On the other hand, some analysts consider Tesla's forecasts to be "vague" and point out the lack of concrete details in the report. William Stein from Truist Securities highlighted that Tesla has never launched a new vehicle less than a year after its announcement and raised questions about what to expect from the company in the first half of 2025 to achieve a 20-30% growth in unit deliveries.
