Tesla's Growth Strategy: Rising Sales and Future Ambitions

Tesla CEO Elon Musk forecasts vehicle sales growth, alleviating investor worries and boosting market value. Tesla's cost of production dropped, positioning the company for better margins despite challenges. Musk promises advancements in driverless technology, with the company focusing on affordability and expanding its lineup.

Tesla CEO Elon Musk has reassured investors by forecasting a 20% to 30% growth in vehicle sales next year. This positive outlook boosted Tesla shares by 12% in post-market trading, adding approximately $80 billion to its stock market value.

Musk aims to enhance Tesla's core business by improving profit margins while advancing autonomous vehicle technology. Although Tesla's recent robotaxi unveiling did not impress, the company remains profitable in a challenging EV market. Meanwhile, fellow EV makers Rivian and Lucid also saw stock gains, indicating optimism in the sector.

Tesla plans to introduce driverless vehicles with paid rides next year, pending regulatory approval. The company is also preparing to launch more affordable models by 2025. Despite challenges in maintaining its profit margins, Tesla's declining production costs point towards sustainable growth.

(With inputs from agencies.)