Tesla’s shares jumped by nearly 22% on Thursday, marking the largest single-day increase since May 2013.

The rise came after CEO Elon Musk predicted 20%-30% sales growth next year, followed by plans to introduce an affordable vehicle by mid-2025.

The stock hit a session high of US$262.2, with about 200 million shares traded. This activity raised Tesla’s market value by nearly US$150 billion.

Musk’s recent focus on AI and robotics made some investors cautious, especially true after an event on robotaxis that lacked detailed plans.

However, Tesla’s third-quarter margins exceeded Wall Street expectations due to lower production costs.