Tesla, investors are warming up to the idea of a big 2023 for the automaker, especially after the company’s recent quarterly earnings call.
With Tesla’s strong profits heading ending 2022, and new expansions and production plans set to begin this year, some bulls are doubling down on their support for the automaker’s stock.
Tesla’s stock prices rose following the company’s fourth-quarter earnings report, despite continually increasing competition and a number of other barriers, asreports. At the time of writing, Tesla’s shares have increased by about 33% since the beginning of January, a welcome surprise for shareholders who watched the company drop $685 billion in market value in 2022 for aIn the fourth quarter, Tesla saw a 59% increase in quarterly profit year over year.
showed rising demand for Tesla’s vehicles, despite swirling concerns surrounding the subject in recent months. All in all, the call had a lot of good news for investors.points to a handful of other factors surrounding the company that may present some challenges to its growth.
The publication also points out significant EV sales at more affordable prices coming from Ford, GM, Hyundai, and Volkswagen, along with a strong start in the EV sector from China’s BYD., while EV pickup sellers Ford and Rivian take the early lead with the F-150 Lightning and the R1T. During the earnings call, however, Tesla also touted its impressive $3.7 billion in profit and $21.3 billion in car sales on the quarter as proof that its strategy is working. Concerns around demand have largely disappeared with the automaker’s sweeping price cuts in recent weeks, which are even putting pressure on other EV automakers.
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