With Tesla (NASDAQ: TSLA) stock up 67% year to date as of this writing, many investors are probably looking for reasons to justify the move. One factor the bulls may be weighing in their analysis of the stock is the electric car maker's improving production rates. Tesla started out the year with an ambitious target to grow production by more than 30% in 2023. While it's still early in the year, there's growing evidence that this target is achievable.

Here's a look at several of the reasons investors can have high confidence that Tesla will grow its production significantly this year.

In 2020, Tesla broke ground on two new factories -- one in Austin, Texas and another in Berlin, Germany. But it takes time to build them, install tooling, and ramp up production. This is why 2023 will likely be the first year of significant enough production levels at these factories to move the needle on Tesla's business.

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Source Fool.com