Tesla shares soared 33% this week, their best weekly result since 2013, helped by a strong Q4 2022 report. The company also has an excellent roadmap that should ensure it continues to have a successful future.
Tesla shares are up 33% this week, the best weekly performance since May 2013 and the second-best performance ever. The main growth was recorded after the company published its quarterly report on January 25, in which the figures turned out to be stronger than expected. Shares rose 11% on Friday to close at $177.90, boosting Tesla's market capitalization to $561.8 billion.
The rebound followed a six-month period in which Tesla shares fell more than 40%. In 2022, the stock registered a 65% drop, reflecting investors' uncertainty in the company. The past year has indeed been a very difficult one for Tesla. The company initially faced a production halt at Giga Shanghai, its export hub, due to the COVID-19 outbreak in China. The lockdown also severely disrupted supply chains, making it difficult for Tesla to ramp up production at its new factories at the planned pace. In addition, the Russian invasion of Ukraine also had a negative impact on the development of the company.
Nevertheless, despite the many headwinds, Tesla coped with the emerging problems, once again proving its ability to emerge victorious from any situation. 2022 was the most successful year for the company in terms of operations and achievements. The earnings report fully reflected the success of the manufacturer, which caused investors to gain confidence in Tesla again.
© 2023, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.