Shares of Tesla (NASDAQ:TSLA) jumped 10.3% in premarket trading to $235.59 following CEO Elon Musk's optimistic projections for the company's future growth.
Musk announced that Tesla anticipates a 20%-30% increase in vehicle volume by 2025, with plans to roll out more affordable models starting in the first half of that year.
Musk also suggested that expected declines in interest rates would reduce monthly payments, making Tesla cars more accessible to a broader market.
The electric vehicle (EV) giant has been testing a ride-hailing service with its employees in the Bay Area, aiming to launch the service in California and Texas next year.
This news led to a premarket dip in shares of existing ride-hailing firms, Uber and Lyft, with Uber down 2% and Lyft dropping by 1.5%.
Tesla's peers in the EV space also saw gains, with Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN) up 2% and 1.9%, respectively.
The company's latest performance comes as a rebound from the lackluster launch of its Robotaxi.
Despite today's gain, Tesla's stock is still down about 14% this year, compared to a 21.5% increase in the S&P 500 index.