Tesla’s third-quarter net profits increased by a record 17.3%.
From July through September, the EV giant’s net income increased to $2.17 billion from $1.85 billion in the same time the previous year.

Strong EV sales and targeted price reductions across Tesla’s vehicle lineup throughout the quarter provided the majority of the financial improvement, despite the challenging car sales climate and high loan interest rates.

Market performance of Tesla

Tesla outperforms expectations in terms of revenue and share performance.
Additionally, Tesla’s third-quarter revenue jumped 7.8% to $25.18 billion. However, according to FactSet statistics, it fell just short of the $25.47 billion predicted by Wall Street experts.
Tesla exceeded analyst forecasts by earning an adjusted 72 cents per share, which was far higher than the anticipated 59 cents, despite the slight miss.
After-hours trading on Wednesday saw a nearly 12% increase in Tesla shares following the financial news.