U.S. stock futures slip lower; Cook’s firing increases Fed independence worries
Investing.com-- Tesla’s shares rose sharply in aftermarket trade on Wednesday despite the electric vehicle maker clocking disappointing earnings, as CEO Elon Musk flagged increasing potential in the company’s self-driving prospects.
Tesla Inc (NASDAQ:TSLA) rose 4.3% to $405.90 by 19:28 ET (00:28 GMT), reversing course after a 2.3% drop during Wednesday’s session.
The stock was boosted chiefly by positive comments from Musk during Tesla’s earnings call.
Musk highlighted a growing focus on AI in the coming years, flagging potential in its full self-driving capabilities and its Optimus humanoid robots.
He claimed that Tesla will launch unsupervised self-driving cars in Austin, Texas, in June, and that Tesla plans to begin selling Optimus robots by 2026. Volume production of the recently unveiled robotaxi- the Cybercab will also begin in 2026.
Musk also said that Tesla will begin manufacturing a new, affordable model in the first half of 2025, and that he expects the vehicle business to return to growth in 2025- which will be a “seminal year” for Tesla.
2025 is also laying the groundwork for an “epic” 2026 and a “ridiculously good” 2027 and 2028, Musk said.
“We see a path to Tesla being the largest company in the world and more valuable than the next top five companies combined,” Musk said.
His comments on the earnings call helped shore up Tesla’s stock, which had initially fallen after the EV maker clocked weaker-than-expected fourth-quarter earnings.
Tesla also logged an annual drop in vehicle deliveries for the first time ever in 2024, as the company grappled with intense competition in China.