Tesla Inc. shares rose by double-digits after Elon Musk teased potential for the carmaker to produce 2 million vehicles this year and minimize the effects of drastic price cuts to its electric vehicles.
The EV market leader said it will increase output “as quickly as possible,” in line with its long-standing goal to grow by 50% annually over multiple years. While Tesla initially said it expects to make about 1.8 million vehicles this year, Musk said during a call to discuss better-than-expected quarterly earnings that 2 million is possible.
In plowing ahead with expansion, the chief executive officer is countering concerns that consumer interest in Tesla’s cars hasn’t kept up with its rapidly increasing production capacity. A streak of quarterly deliveries that came up short of expectations and Musk’s preoccupation with Twitter Inc. contributed to Tesla’s stock plunging 65% last year.
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