Tesla posts surprise $2.17 billion third-quarter profit, up 17.3%

Tesla’s third-quarter net income increased by 17.3% year-over-year, reaching $2.17 billion, thanks to stronger electric vehicle sales and price cuts.

Despite facing challenges in the auto sales environment, CEO Elon Musk predicts 20% to 30% sales growth next year.

Tesla sold 462,890 vehicles from July to September, a 6.4% increase, though revenue of $25.18 billion fell short of analyst expectations.

The company’s gross profit margin rose to 19.8%, the highest in a year, and revenue from regulatory credits reached $739 million, the Associated Press has reported.

read more: https://apnews.com/article/tesla-net-profit-sales-increase-faf86a8a3ebe236a7acec6cd222a1fb1

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