Tesla stock rebounds 50 percent in less than one month in 2023

Credit: Tesla/Twitter

Tesla stock (NASDAQ: TSLA) is up 50 percent less than a month into 2023. The spike in the company’s stock price follows a sharp downturn that occurred in 2022.

Last year, Tesla stock fell sharply, losing over 60 percent of its value. Due to widespread unfavorable conditions in the tech and automotive sectors, Tesla felt the losses due to increased vehicle prices, delays in some company products, and CEO Elon Musk’s acquisition of Twitter.

It was a challenging year for Tesla bulls as their portfolios continued to get hammered by the drops. Patience has paid off, and Tesla stock is rebounding nicely in 2023.

Tesla had already spiked 36 percent on the year before the company’s Q4 and Full Year 2022 Earnings Call on Wednesday. The company reported a strong showing by beating EPS estimates and narrowly missing revenue predictions from Wall Street. Tesla shares pushed themselves up nearly 10 percent before the opening bell on Thursday.

The stock opened at $159.96 today and is up over 3 percent a 9:55 AM on the East Coast.

Tesla’s massive price cuts in early January, which saw vehicles re-enter affordability for many American car buyers, helped the stock begin to rebound. Data showed both the Model 3 and Model Y had significantly increased addressable markets due to the price reductions. When combined with the Inflation Reduction Act tax credits, buyers could see discounts of more than $20,000.

Tesla reported several exciting developments during the Earnings Call, including a rough start date for the Cybertruck and hints toward an expansive product lineup.

“It was a fantastic year for Tesla. It was our best year ever on every level,” CEO Elon Musk said.

Disclosure: Joey Klender is a TSLA Shareholder.

Please email me at joey@teslarati.com with questions, comments, or concerns.

Joey Klender: Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his time at TESLARATI, Joey has broken several big stories, including the first images of the Tesla Model S Plaid, the imminent release of the 4680 Model Y through EPA certification, and several expansions to the Lucid AMP-1 factory in Arizona, to name a few. His stories have been featured in several publications, including Yahoo! Finance, Fox News, CNET, and Seeking Alpha. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on Twitter @KlenderJoey.
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