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Tesla shares accelerate toward USD300 on spike in deliveries, charging deal

AP – Tesla is roaring back from a dismal 2022 as company shares, which have already doubled this year, were driven higher on Monday by a spike in second-quarter deliveries.

Shares jumped seven per cent to a new high for 2023 after the electric vehicle (EV) maker said its deliveries in the most recent quarter rose 83 per cent compared with the same period last year. Tesla cut prices on its four EV models and buyers took advantage of United States government tax credits.

Tesla was pummeled in 2022, pushing shares down nearly 70 per cent. Shares were in decline for most of the year and went into a near freefall after Chief Executive Officer (CEO) Elon Musk acquired Twitter in a USD44 billion deal.

Musk’s takeover at Twitter has been anything but smooth and a myriad of issues have continued to turn off users and advertisers.

Shares began to climb sharply in early May after Musk announced a new CEO at Twitter.

Shares got another boost this month after Ford and General Motors announced that starting next year, customers will be able to charge their EVs at many of Tesla’s charging stations.

On Monday, shares of Tesla Inc hit USD278, a level last reached in September, 2022. That is far from the more than USD400 that the stock garnered in 2021, yet the price has jumped more than 126 per cent this year.