Tesla (NASDAQ:TSLA) recorded an EPS of $1.19 and revenues of $24.32bn, beating analysts’ expectations on the top and bottom lines.
Following the strong earnings, Tesla aims to increase production capacity to around 2 million cars to keep up with growing demand in the automotive industry.
The stronger-than-expected earnings could have been driven by car price cuts in late 2022. According to Tesla CEO Elon Musk, this January saw Tesla record the strongest orders year-to-date in the company’s history.
Tesla’s stock shot up more than 5% in the after-hours following the earnings release.