Tesla's Frankfurt-listed shares rose 12% to a two-week high on Thursday, as a strong sales forecast cheered investors.

Tesla shares surged Wednesday after the electric car maker reported a jump in profits, as increased auto sales and lower expenses offset the drag from a drop in vehicle prices.

On the heels of its highly anticipated but ultimately disappointing robotaxi event, Tesla published its third quarter earnings report, in which it said it would launch a “more affordable” electric vehicle in the first half of 2025.

With shares falling and profits shrinking, Tesla Inc. is increasingly looking like the odd one out among its mega-cap technology peers. Investors worry that quarterly results will make the electric-vehicle maker even more of an outlier.