Elon Musk, chief executive of Tesla Inc., leaves court in San Francisco, California, USA, Tuesday, January 24, 2023.
Marlena Sloss Bloomberg Getty Images
Tesla Shares rose over 10% in premarket trading on Friday, after beating above and below the line, despite mixed analyst sentiment about the electric vehicle maker’s prospects.
Tesla is cutting prices at the end of 2022 and into 2023, a move that appears to have boosted demand. Musk offered an optimistic but optimistic production outlook for 2023. “If this year goes well, without major supply chain disruptions or major problems, we have the potential to do 2 million cars this year. I think there will be demand as well,” Musk said. to the analyst.
“So far in January we’ve seen the strongest year-to-date orders of any time in our history. Now we’re seeing orders almost double the production rate,” Tesla CEO Elon Musk said in an investor call Wednesday. Tesla reported automotive revenue of $21.3 billion in the fourth quarter and earnings per share of $1.19.
Analysts were mixed in their response to Tesla’s report. “Something for the bulls … and the bears,” the headline from Bernstein’s Thursday morning report read. Bernstein noted that it remained “damaged on TSLA stock,” and issued a poor rating. Morgan Stanley’s Adam Jonas is more sanguine, stating an overweight rating with a $220 price target.
“Better than feared,” Canaccord Genuity analyst George Gianarikas wrote in a note Wednesday night. Canaccord maintains a buy rating with a $275 price target.
Tesla’s 5-day performance from January 20
Tesla did not issue new guidance, but noted in its earnings release that it plans “to grow production rapidly in line with our target of a 50% compound annual growth rate beginning in early 2021.”
CNBC’s Lora Kolodny and Michael Bloom contributed to this report.
