Tesla stock was up 20% at $257.13 in late afternoon trading.
Shares are on pace for their largest percentage increase since May 9, 2013, when it rose 24.4%, according to Dow Jones Market Data.
It is the second-best performer in the S&P 500 today, beyond Molina Healthcare, which is up 21%, and the most actively traded stock in the S&P 500.
Most of the credit for that stock move goes to cars. Tesla’s EV business posted lower costs and better-than-expected profit margins. Management also indicated fourth-quarter deliveries should be at least 515,000 vehicles, about 25,000 more than Wall Street expected. Elon Musk added that growth in 2025 could be 20% to 30%. That would put 2025 delivery volumes at about 2.1 million to 2.3 million cars, better than the 2 million Wall Street expects.
Shares are still down about 37% from their all-time closing high of $409.97, set on November 4, 2021. They are also still down about 2% from their 52-week closing high of $263.26 on July 10.
That’s the only real bad news for Tesla shareholders today.