Tesla Inc.’s shares soared, marking their biggest jump in over three years, following the release of unexpectedly strong third-quarter earnings and a promising forecast of up to 30% growth in vehicle sales for 2025. This surge was fueled by Tesla’s Cybertruck finally becoming profitable, lower material costs, the expansion of its energy business, and revenue from selling regulatory credits to automakers needing emissions compliance. Elon Musk, Tesla’s CEO, also shared a bullish outlook for 2025, hinting at new, more affordable models that could drive growth. Tesla’s shares rose by 20% during midday trading in New York, its largest intraday gain since March 2021, while Musk’s net worth increased by over $30 billion.

Investors reacted positively to Musk’s upbeat projections for next year, despite concerns over the future of Tesla’s core business. While Musk has placed significant focus on autonomy, scrapping plans for a cheaper vehicle model, the solid profitability and growth outlook have helped ease fears that the company’s main business might falter. The Cybertruck has been a key contributor to Tesla's success this quarter, with production ramping up and positive gross margins achieved. Tesla’s ride-hailing app, currently being tested, is expected to roll out next year, which Musk believes could significantly transform the company beyond vehicle manufacturing.