Tesla's stock experienced a significant increase of almost 22% after the release of strong third-quarter earnings, which was the company's best day since 2013.
This surge was driven by better-than-expected adjusted earnings per share and improved gross margins. Furthermore, it was confirmed that Tesla's more affordable electric vehicle is still on track for production next year.
CEO Elon Musk also projected a growth in production volume of 20%-30% for 2024, which further boosted investor confidence.