Tesla CEO Elon Musk predicts record output, sales in 2Q

Tesla CEO Elon Musk is assuring the company’s shareholders that the electric car maker is on pace to set manufacturing and sales records during its current quarter after a disappointing start this year. The forecast made Tuesday at Tesla’s annual meeting provided a ray of hope amid worries about the company’s long-term prospects.

Those escalating concerns caused Tesla’s stock price to fall to a three-year low of $176.99 last week before bouncing back. The shares climbed more than 3% to $224.40 in Tuesday’s extended trading after Musk’s prediction.

Tesla’s current quarterly records came during the final three months of last year when it manufactured more than 85,500 vehicles and delivered 90,700.

Then Tesla’s production and sales slipped during the first three months of this year.