Tesla Stock Price: Elon Musk’s net worth jumped by an astounding $21 billion after Tesla’s stock (NASDAQ: TSLA) increased by about 19% on Thursday. Following the announcement of third-quarter earnings that exceeded expectations and confirmed Tesla’s position as the most valuable manufacturer in the world, the company’s shares had its biggest one-day spike since 2021.

A Review of Tesla’s Q3 Financial Results

Reflecting a 17% increase over the previous year, Tesla has posted third-quarter profits of $2.2 billion. Reaching $25.2 billion, the company’s quarterly revenues showed an 8% rise over year before. Along with notable advancements in Tesla’s energy storage and services sectors, the recent financial turn-around is primarily attributed to increasing vehicle sales. Despite a difficult climate for manufacturers, Tesla’s third-quarter performance surpasses Wall Street’s expectations, therefore inspiring investor confidence.

Elements Affecting Tesla’s Stock Ascendancy

Tesla keeps on broadening its sources of income; automobile sales account for a significant 80% of total income. From its sector on energy producing and storage, the company has achieved an amazing 52% increase in revenues from compared to previous year.
Reporting a revenue rise of 29%, Tesla’s supercharger and service businesses saw considerable development.

Using Tesla’s Full Self-Driving (FSD) technology, Elon Musk has exposed lofty ideas to provide driverless ride-hailing services by 2025.Including Nvidia H100 GPUs to enable its Full Self-Driving (FSD) capabilities helps Tesla to maintain its commitment to enhance AI infrastructure, thereby enhancing its leadership in the area of autonomous driving technology.

Tesla has disclosed several intriguing benchmarks in connection with its Cybertruck and Semi Truck. The business achieved its first profitable quarter with the Cybertruck, which has already risen to the third position among electric vehicles sold in the United States. Meanwhile, it is anticipated that the production of semi-electric vehicles will commence by the conclusion of 2024. Musk underscored the “ridiculous demand” for these products, which is indicative of the significant market interest.

Examining the Trends of TSLA Stock Prices

Analysts anticipate a promising future for Tesla, as Morgan Stanley emphasises that the company’s commitment to profitable expansion validates its status as a significant competitor in the electric car sector. Tesla’s most recent stock increase serves as a testament to the company’s growing confidence in its innovation capabilities and revenue growth. TSLA stock has the potential to experience an upward trend as 2024 progresses, as advancements in energy solutions, self-driving technologies, and car manufacturing are demonstrated.