Tesla executives seemed to have hit all the right notes on Wednesday, with the stock holding on to 12% after-hours gains as the call wrapped up.
Only two analysts were able to ask questions, with most of the call spent going over pre-submitted questions from Tesla shareholders.
Chief Executive Elon Musk called for 20% to 30% vehicle sales growth for 2025, and also reaffirmed plans for a lower-cost EV by the first half of next year. He also promised ride-hailing robotaxis in Texas, California and perhaps more states by next year, and a “spectacular” Roadster.
Tesla’s stock has lost about 10% since disappointing investors at the Oct. 10 robotaxi day, which for many lacked specifics.
The stock is likely to trade on Thursday “sharply higher on the back of these results and the announcements from the release,” Tom Narayan with RBC Capital Markets said in a note.
The 12% jump was the largest post-earnings gain for Tesla since a 12.06% rise after the EV maker reported first-quarter 2024 earnings.
If gains hold, Tesla would be looking at its highest close since the robotaxi day, when it closed at $238.77, and would snap a five-day losing streak.
The stock is down nearly 9% this month, which would be the worst since March, when it dropped 13%. The shares are down 4% this year, on track for their worst year since 2022, when they fell 65%.
