Tesla stock’s biggest jump in over a decade

Tesla’s stock saw a remarkable surge on Thursday, with a 21.9% increase, marking its most significant rise since May 2013, according to Marketwire. The jump in stock price followed Tesla’s third-quarter earnings report, which revealed an 8% year-over-year revenue increase and record-low vehicle production costs. The company reported a quarter revenue of $25.2 billion and an operating profit of $2.7 billion, a 54% increase from the previous year. Tesla attributed the higher profit to a larger number of delivered vehicles and reduced costs per vehicle due to cheaper raw materials. Additionally, operational cost-reduction measures were implemented. Two weeks earlier, Tesla founder Elon Musk unveiled plans for a self-driving taxi, with production expected to accelerate in 2026. Musk’s public support for the Republican presidential candidate, Donald Trump, and financial contributions to Trump’s campaign were also noted.