6 sources·Business

Tesla Reports Strong Third Quarter Earnings as Stock Surges

Tesla's third-quarter earnings exceed expectations, driving stock prices up amidst challenges in EV sales and political controversies surrounding Elon Musk.

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Updated: Oct 23rd, 2024, 7:32 PM ET

Summary

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Tesla reported a 17.3% increase in net income for the third quarter, totaling $2.17 billion despite facing challenges in electric vehicle sales. Revenue rose to $25.18 billion, although it fell short of analyst forecasts. After reporting better-than-expected earnings, the company’s stock surged over 9% in after-hours trading. Despite ongoing competition and economic headwinds, Tesla projects slight growth in vehicle deliveries for the year. The report follows a tumultuous period for the company, including political controversies involving CEO Elon Musk, which may influence consumer sentiment and future sales.

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