Tesla shares surge ahead of report on new factories

REUTERS Lucas Jackson File Photo

On Wednesday, shares of Tesla Inc. TSLA.O rallied ahead of the electric car maker's quarterly report after the bell, with investors focused on how quickly the company can scale production at new factories.

The leading EV maker's stock added almost 5%, due to a recovery in Wall Street's growth stocks.

Ahead of Tesla's report, Chief Executive Officer Elon Musk tweeted that he was driving a prototype of Tesla's upcoming Cybertruck electric pickup truck around the company's factory in Austin, Texas. It's awesome Musk has promised an updated product roadmap. Some investors expect a time frame for the launch of a new Cybertruck and a hoped-for $25,000 electric car.

The global supply chain crisis is better than other automakers, and analysts expect December-quarter revenue to be up 53% to $16.41 billion and adjusted earnings per share of $2.32, according to Refinitiv. It is not known whether Tesla has started production, but analysts have said Tesla's two new factories in Texas and Berlin could double production capacity.