Tesla Shares Jump 22% On Musk's 'Growth Confidence' Outlook

Shares jumped about 22% after U.S. electric vehicle maker Tesla Inc TSLA posted a strong third-quarter earnings that beat market expectations and said it would grow more than 20% next year.

On the New York Stock Exchange, Tesla shares closed at $260.48, up 21.92% from the previous session, marking the second-largest increase since Tesla's listing.

The market capitalization increased from $682.5 billion the previous day to $814.1 billion, 132.7 billion in one day, and 183.26 trillion won in Korean money.

Tesla Inc TSLA CEO Elon Musk said in a video conference after the earnings announcement that "next year, there will be growth of 20% to 30% with the arrival of lower priced vehicles and autonomous driving."

The Morgan Stanley analysis team gave Tesla a 14% growth forecast for next year and gave a buy rating, saying Tesla's growth potential depends on the introduction of a low-cost model, the provision of financial services and improved features.