By Will Feuer


Shares of Tesla Inc. rose Friday, extending a rally that was sparked earlier this week when the company reported results for the fourth quarter and Chief Executive Elon Musk shared an upbeat outlook on demand for the company's EVs.

The stock climbed almost 10% to $175.88 a share in midday trading. Over the past six trading days, the stock is up almost 41%, its best six-day stretch since the period ended July 7, 2020, when it rose almost 45%.

Over the past two trading days alone, the stock is up 22.1%, on pace for its best two-day performance since the period ended July 6, 2020. Shares are still down some 36% from 12 months ago.

The recent performance of the stock has helped to reverse some of the losses seen last year. In 2022, Tesla saw its share price fall 65%, its largest annual decline to date. Tesla responded in the first weeks of the new year by slashing vehicle prices, in some cases by nearly 20%, a move that Mr. Musk said has helped to boost demand.

On Wednesday, Tesla reported fourth-quarter results that included a quarterly profit of nearly $3.7 billion, up 59% on the year. The figure was below the $3.8 billion Wall Street expected. The company generated $24.3 billion in sales for the period, up 37% from the year prior, against analysts' forecast of $24.7 billion, according to FactSet.

"We currently are seeing orders at almost twice the rate of production," Mr. Musk said Wednesday evening.

"We think demand will be good despite probably a contraction in the automotive market as a whole," said Mr. Musk, who forecast a difficult recession this year. "These price changes really make a difference for the average consumer."

Write to Will Feuer at


(END) Dow Jones Newswires

January 27, 2023 13:23 ET (18:23 GMT)

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