Tesla posts higher-than-expected profit on delivery growth
Projects 50% growth next year over its 2023 production volumes
by Kara Carlson and Dana Hull · Financial PostTesla 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.
Shares of the company rose 7.5 per cent in post-market trading to US$229.50 as of 4:20 p.m. in New York. The stock closed regular trading Wednesday down 14 per cent so far this year.
Tesla indicated 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.