More than £100billion was added to the value of Tesla last night as the promise of a surge in sales sent shares soaring.
In an update that was cheered on by Wall Street, boss Elon Musk reported an 8 per cent rise in third quarter profits to £1.9billion after an 8 per cent rise in revenues to £19.4billion.
Musk also predicted that sales of Tesla electric vehicles could increase by as much as 30 per cent next year, as cost-cutting allowed it to reduce prices to spur demand.
Tesla boss Elon Musk reported an 8pc rise in third quarter profits to £1.9bn after an 8pc rise in revenues to £19.4bn.
The comments reassured investors that the billionaire tycoon was still focused on the core business of selling electric cars despite distractions including his campaigning for Donald Trump in the US presidential election.
Shares jumped 22 per cent – driving Tesla’s value up by £105billion to £630billion, in the firm’s biggest one day gain for 11 years.
It also added £14billion to the value of Musk’s stake, which was last night worth £82billion.
‘He definitely seemed more passionate and invested in it this time,’ said Jessica Caldwell, head of insights at car research and buying website Edmunds.
But Ross Gerber, chief executive of Gerber Kawasaki Wealth and Investment Management and a prominent Tesla investor, called on Musk to do more.
‘The days were good when Elon slept at the factory. He was there every day, working. Not going on Trump rallies of all things he could be doing,’ Gerber said.
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