Tesla posts higher-than-expected profit on delivery growth
Tesla has surpassed Wall Street estimates for earnings in the third quarter and projected a slight increase in deliveries for the current year, reflecting a rebound in demand for its electric vehicles.
The company on Wednesday reported adjusted earnings of 72 cents per share for the quarter, above the average analyst estimate. It reiterated plans to start production of more affordable models in the first half of 2025, saying it projects 50% growth next year over its 2023 production volumes.
Shares of the company rose 7.5% in after-hours trading to $229.50 as of 4:20 p.m. in New York. The stock closed regular trading Wednesday down 14% so far this year.
Tesla indicated that it expects another strong quarter of deliveries after a robust third quarter, saying it anticipates higher volumes for the full year.
“Despite ongoing macroeconomic conditions, we expect to achieve slight growth in vehicle deliveries in 2024,” Tesla said in a statement.
Carlson and Hull write for Bloomberg.
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