Tesla's shares are experiencing an upswing following the company's announcement of plans to initiate robotaxi operations and its optimistic forecast for a sales recovery in 2025. The electric vehicle giant's strategic move into the autonomous vehicle market is seen as a significant step forward, potentially opening new revenue streams and enhancing its competitive edge. The anticipation of a sales rebound this year further bolsters investor confidence, as the company aims to capitalize on its innovative technologies and market leadership.
Additionally, Tesla's latest quarterly results were buoyed by a $600 million boost from its Bitcoin holdings, thanks to new accounting rules for digital assets. Although the company's adjusted earnings per share of 73 cents fell short of analysts' expectations of 75 cents, the positive outlook for robotaxi operations and sales recovery overshadowed the earnings miss. This optimism has been reflected in the market's response, with Tesla's shares gaining traction in extended trading.
Tesla (TSLA) shares are up 4.21% to $405.47 as of 8:41 am on January 30th, compared to the previous close of $389.1.