“I would say 30% of the investors we spoke to over the past six months thought Berlin would never reopen because of the bureaucracy and bureaucracy,” said Dan Ives, technical analyst at Wedbush Securities. “Many investors feared [Tesla] there will never be a foothold in Europe and it will just be an empty factory.”

On March 22, a ceremony was held at the Berlin plant to celebrate the first deliveries, as Tesla’s share price was in full swing.

A similar event is scheduled for next week at Tesla. another new plant near Austin, Texas, which has already begun deliveries. The two plants double the number of vehicle assembly plants the company operates, joining its original plant in Fremont, California and a second plant in Shanghai.

But in less than three weeks, stocks soared, rebounding most of the losses occur in the first 10 weeks of the year. Though stocks closed slightly lower on Wednesday, up 10 of the 12 trading days since hitting that low, gaining 43% in that short period alone.

The rally prompted Tesla to announce that it will ask its shareholders to approve a second share split. The shares have more than doubled since the company’s initial split in August 2020.

Tesla managed to counter an unfavorable industry trend when overall production slowed noticeably due to shortages of computer chips and other parts.

Tesla is due to report its first quarter sales in the coming days. (The company does not announce in advance the exact date when this will happen.) By all accounts, global sales will be around 308,000 vehicles sold in the fourth quarter. This would mean a jump of 67% compared to the first quarter of 2021.

It would also be in stark contrast to the automotive industry as a whole. Edmunds and Cox Automotive forecast that U.S. new car sales will fall by about 15% year-over-year due to limited inventory and record high car prices.

Now that it has two new factories, Tesla sales are projected to grow even more before the end of this year. Ives said that by the end of December, Tesla’s annual sales should be nearly 2 million vehicles, although total annual sales for 2022 will fall short of that target. Tesla sold 936,000 vehicles in 2021, and fourth-quarter sales boosted year-end sales to around 1.2 million vehicles.