Tesla’s stock price surged nearly 22% on October 24, boosting its market value by approximately $149.6 billion overnight. This increase marked the largest single-day gain since May 2013. Tesla’s strong performance also significantly boosted CEO Elon Musk’s net worth, who owns over 20% of the company, adding around $33.5 billion (roughly RMB 238.5 billion) to his personal fortune overnight.

The sharp rise in Tesla’s stock is linked to the company’s recently released Q3 2024 financial data. Although Tesla’s revenue for the third quarter grew nearly 8% year-over-year, falling short of market expectations, the company’s profitability exceeded projections. Gross margins rose by 195 basis points to 19.8%, and the automotive segment’s gross margin also surpassed expectations, rising to 17.1%.

Musk predicts that Tesla’s car sales will grow by 20% to 30% next year, with plans to achieve mass production of the Cybercab by 2026, targeting an annual output of at least 2 million units.

In addition, Tesla’s investment in artificial intelligence (AI) has yielded significant results, with a more than 75% increase in AI training computation volume in the third quarter.

On the hardware front, Tesla has deployed a cluster of 29,000 NVIDIA H100 chips at its Texas Gigafactory ahead of schedule and has begun training on it, expecting a production capacity of 50,000 H100 chips by the end of October. Tesla also announced in its shareholder report that it has reached the milestone of producing 7 million vehicles, and its newly launched Cybertruck has become the third best-selling all-electric vehicle in the U.S., following the Model 3 and Model Y.