TESLA 04 RESULTS FALL SHORT OF FORECASTS. MUSK SEES UNSUPERVISED FULL SELF-DRIVING IN TEXAS IN JUNE

Tesla's fourth-quarter adjusted profits rose slightly amid a big push to sell its electric vehicles with offers of zero financing and other incentives, but the results still fell short of Wall Street forecasts.

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The electric vehicle, battery and robotics company run by Elon Musk said Wednesday that quarterly net income adjusted for one-time items rose 3% to $2.6 billion, or 73 cents a share - less than analysts' estimate of 77 cents.

Tesla stock initially fell after trading closed Wednesday, then reversed course to rise more than 4% after Musk told analysts on a conference call that the company was on track to offer unsupervised "full self-driving" technology to its customers as a paid service starting in Austin in June.

"It went from a theoretical, 'We hope to launch something in 2025, to a set timeline," said Morningstar analyst Seth Goldstein. "That's a big step forward!"

Tesla has been losing market share in several countries as traditional car makers and other EV companies, such as China's BYD, offer customers alternatives. Its stock has surged nonetheless, rising by more than 50% since President Donald Trump was elected, on investor optimism that Musk's advisory role in the new administration will help the company.