Tesla posts better-than-expected profit on delivery growth

Tesla Inc. beat Wall Street earnings estimates in the third quarter and forecast a slight increase in deliveries for the current year, reflecting a recovery in demand for its electric vehicles.

The company on Wednesday reported adjusted profit of 72 cents per share for the quarter, above the average analyst estimate. The company reiterated its plans to start producing more affordable models in the first half of 2025 and said it forecasts 50% growth next year over 2023 production volumes.

The company's shares rose 7.5% to $229.50 in after-hours trading at 4:20 p.m. in New York. The stock closed regular trading down 14% on Wednesday.

Tesla indicated it expects another strong delivery quarter after a robust third quarter and said it expects higher volumes for the full year.

“Despite ongoing macroeconomic conditions, we expect vehicle deliveries to grow slightly in 2024,” Tesla said in a statement.

Carlson and Hull write for Bloomberg.