Tesla Inc. stock extended its rally on Friday, pushing weekly gains to nearly 35%, as investors cheered the EV maker’s earnings and top executive Elon Musk’s assurances that demand is not a problem at Tesla.
Tesla shares were on pace for their highest close since Dec. 9, when they closed at $179.05. The stock also extended its winning streak to a sixth day, up 41% in that span. Chief Executive Elon Musk also said he wanted to put the “concern to rest” that Tesla is going through demand problems. January orders are stronger than ever, and demand far outstrips Tesla’s rate of production.Tesla earlier this month cut prices for its EVs in the U.S. and Europe by as much as 20% depending on region and model, but Musk said that the price cuts would broaden Tesla vehicles’ appeal to buyers.