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Tesla Q3 profit rises on strong demand
Business Standard
|October 25, 2024
Firm projects higher volumes for full year; shares surge 18%
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Tesla Inc 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 per cent growth next year over its 2023 production volumes.
Tesla shares jumped about 18 per cent in early trading on Thursday, the biggest intraday gain in over six months.
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