The stock has jumped in the past two months as General Motors, Ford, Volvo and Amazon-backed Rivian signed deals to adopt the battery charging standard developed by Tesla, opening up a new line of revenue for the company by selling access to its large network of chargers.
“A vast number of people want to buy a Tesla car but can’t afford it, and these price changes really make a difference for the average consumer,” Musk said in January.Nearly all of the vehicles shipped last quarter were the mass-market Model 3 and the Model Y SUV. Fewer than 20,000 shipments were the higher-margin Model S and Model X vehicles.
Tesla said earlier this year that it aimed to boost margins by scaling up production, introducing lower-cost models and making its factories more efficient – steps “necessary” to ensure affordability so it could “become a multimillion vehicle producer”.