Tesla shares jumped 10 per cent after Elon Musk managed to allay investor fears about price cuts and slowing consumer demand.
The stock is up nearly 50 per cent since the start of the year, but down around 60pc from its November 2021 peak.
The electric car maker posted a profit of £11.4billion for 2022, up 85 per cent year-on-year, while revenues rose 51 per cent to £65.7billion.
Recovery: Tesla stock is now up nearly 50% since the start of the year, though it remains down around 60% from its November 2021 peak
It followed a fourth-quarter profit of £3.3billion, 43 per cent higher than 2021 and beating market expectations.
Musk, the chief executive, said it could make 2m cars this year.
He said. ‘Thus far in January, we’ve seen the strongest orders year-to-date than ever in our history. We currently are seeing orders at almost twice the rate of production.’
The results will provide some comfort for the world’s second-richest man, who is locked in a court battle amid claims he defrauded investors after tweeting in 2018 that he had ‘funding secured’ to take Tesla private.
That sent the shares shooting up, and then down when it became clear a deal had not been done.
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