Tesla shares jump ahead of report; investors eye factories, Cybertruck

Reuters

Published Jan 26, 2022 01:20PM ET

Updated Jan 26, 2022 02:31PM ET

(Reuters) - Shares of Tesla (NASDAQ:TSLA) Inc rallied on Wednesday ahead of the electric car maker's quarterly report after the bell, with investors focused on how quickly the company can scale production at new factories.

The leading EV maker's stock added almost 5%, lifted in part by a recovery in growth stocks across Wall Street.

Ahead of Tesla's report, Chief Executive Officer Elon Musk tweeted that he has been driving a prototype of Tesla's upcoming Cybertruck electric pickup truck around the company's factory in Austin, Texas, saying, "It's awesome".

Musk has promised an updated product roadmap. Some investors expect timeframes for the launch of Cybertruck and a hoped-for $25,000 electric car.

(Graphic: Tesla's market cap vs analyst price targets, https://fingfx.thomsonreuters.com/gfx/mkt/myvmnjmxopr/Pasted%20image%201643218926773.png)

Tesla has weathered the global supply chain crisis better than other automakers, and analysts on average expect December-quarter revenue up 53% to $16.41 billion and adjusted earnings per share of $2.32, according to Refinitiv.