Tesla has just come out of a terrible six-month stretch to see its stock price rise to 57% in the past one month. The car maker’s shares is now valued at $177 from about $115 at the end of December 2022.

According to a CNBC report, Tesla shares rose by up to 33% in one week and this growth has been linked to its positive performance report for the fourth quarter of 2022.

The company had also made some really confident projections including the potential to produce 1.8 million vehicles in 2023. It also says that it expected the demand for EVs to rise during the year.

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While the company was undergoing its tough times last year, investors and analysts blamed it on Elon Musk’s involvement with Twitter. To buy the social media company, the Tesla boss had to sell his shares in the company several times in 2022. Now, he has promised to stop selling his shares to finance Twitter, which is still a long way from financial independence.

Tesla stock was not the only electric car company that saw its shares price rise in the end of January 2023, although, none of them reached the same growth level. Rivian shares price has grown by over 11% in January while Lucid saw its stock rise by nearly 43% during a one-week period.

However, despite the positive news, industry analysts still expects Tesla stock to decline.

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