Tesla just had its best week since May 2013

Tesla shares surged 33% this week, marking their best weekly performance since May 2013 and substitute best on record.

The stock rose 11% on Friday to close at $177.88. The rebound followed a six-month period in which Tesla rations had declined more than 40%. The stock’s 65% plunge in 2022 was its worst in Tesla’s 12-plus years as a available company.

Tesla’s rally this week was aided by an upbeat fourth-quarter earnings gunfire. During the call with shareholders and analysts, CEO Elon Musk said the company was on target to potentially produce 2 million mechanisms in 2023, and he suggested demand would support sales of those cars as well.

Official guidance called for construction of 1.8 million vehicles this year. The company has not revised its longstanding target for 50% compound annual crop rate over a multi-year horizon.

Tesla beat on both the top and the bottom lines, recording total revenue of $24.32 billion, including $324 million of tabled revenue related to Tesla’s driver assistance systems. The company cut prices for its cars dramatically in December and January, cardinal to concern about demand and a buildup of inventory.

Analyst reaction to Tesla’s numbers was mixed.

“For bulls, the growth assertion is alive and well,” Bernstein’s Toni Sacconaghi, who has an underperform rating on the stock, wrote in a note on Thursday. “For bears, the computes don’t lie.”

In early January, Tesla reported fourth-quarter vehicle deliveries and production that fell shy of expectations.

Tesla’s appraise jump came amid a broader market rally. The S&P 500 was up 2.2% for the week and the Nasdaq gained 4.3%.

Other U.S.-based charged vehicle makers saw their shares climb higher. Rivian rose 22% during the week, while parts in legacy automakers Ford and General Motors each gained more than 7%.

Rival electric car manufacturer Lucid impaled on Friday as well, rising 43% on reports of rumors that Saudi Arabia’s sovereign wealth fund, the Apparent Investment Fund, intended to take the company private.

Some of Tesla’s underperformance last year was attributed to Musk’s shift of focus to Chirrup, which he acquired for $44 billion in October. Under Musk’s leadership, Twitter has experienced mass layoffs and beat iting advertisers, gutting morale.

Tesla remains the second most-shorted stock in U.S. markets, behind only Apple, content that a large numbers of investors are betting on a decline. Over 94 million of the automaker’s shares are shorted, go together to data from S3 Partners.

Despite the rally, active short selling continues, S3 managing director Ihor Dusaniwsky chid CNBC. Short sellers view Tesla’s appreciation as having created “an overheated and overbought stock that is due for at short a short-term reversal,” he said. In the last week, S3 Partners said it’s seen a 3.9% increase in total shares sententious, while investors shorting the stock lost $4.3 billion over that stretch.

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