Tesla shares rose as much as 11% on Thursday morning, after beating on the top and bottom lines, despite mixed analyst sentiment about the electric-vehicle manufacturer’s outlook.

Tesla cut prices at the end of 2022 and into 2023, a move that seems to have sparked demand. Musk offered a caveated but optimistic outlook for production in 2023. “If it’s a smooth year, without some big supply chain interruption or massive problem we have the potential to do 2 million cars this year. I think there would be demand for that, too,” Musk told an analyst.

“Thus far in January we’ve seen the strongest orders year-to-date than ever in our history. We’re currently seeing orders of almost twice the rate of production,” Tesla CEO Elon Musk said on an investor call Wednesday. Tesla reported automotive revenue of $21.3 billion in the fourth quarter and adjusted earnings per share of $1.19.

Analysts were mixed in their response to Tesla’s report. “Something for bulls… and bears,” the headline from Bernstein’s Thursday morning report read. Bernstein noted that it remained “torn on TSLA’s stock,” and reiterated its underperform rating. Morgan Stanley’s Adam Jonas was more sanguine, reiterating an overweight rating with a $220 price target.

“Better than feared,” wrote Canaccord Genuity analyst George Gianarikas in a Wednesday night note. Canaccord maintained its buy rating with a $275 price target.

Tesla did not issue new guidance, but noted in its earnings release that it planned “to grow production as quickly as possible in alignment with the 50% compound annual growth rate target we began guiding to in early 2021.”

CNBC’s Lora Kolodny and Michael Bloom contributed to this report.