Tesla's Q3 profit surges by 17% to $2.17 billion
What's the story
Tesla has posted a record 17.3% increase in its third-quarter net income.
The EV giant earned a net income of $2.17 billion from July through September, up from last year's $1.85 billion during the same period.
The financial boost came mainly from strong EV sales and strategic price cuts on Tesla's vehicle lineup throughout the quarter, even as auto sales faced a tough environment with high loan interest rates.
Financial performance
Tesla's revenue and share performance exceed expectations
Tesla's revenue for the third quarter also increased, jumping 7.8% to $25.18 billion.
However, it was slightly below Wall Street analysts' forecast of $25.47 billion according to FactSet data.
Despite the minor miss, Tesla beat analyst expectations by earning an adjusted 72 cents per share, much higher than the expected 59 cents.
Following the financial results, Tesla shares jumped nearly 12% in after-hours trading on Wednesday.
Sales forecast
Tesla's vehicle sales and future growth projections
In a recent investor letter, Tesla projected a modest increase in vehicle deliveries this year.
The prediction comes after the company sold 462,890 vehicles from July through September, a 6.4% rise from last year and beating analyst expectations.
Looking ahead, CEO Elon Musk has forecasted that Tesla could see a growth in vehicle sales of between 20% to 30% in 2025.
However, he also noted that these projections could be impacted by "negative external events."
Tech advancements
Tesla unveils 'Cybercab' and updates on self-driving technology
Earlier this month, Tesla unveiled a purpose-built two-seat robotaxi called "Cybercab" at a Hollywood event.
Musk confirmed it would be in production before 2027 and priced around $25,000.
On the technology front, Musk said Tesla's "Full Self-Driving" system is improving and predicted it would outperform human drivers in terms of safety by the second quarter of next year.
He also revealed plans for a public robotaxi service in California and Texas next year.