Tesla smashes profit expectations
Tesla proved its critics wrong in its latest set of financial results, unveiling an unexpected profit and record car deliveries, and announcing that it is ahead of schedule on a new model and a new plant.
The company delivered 97,000 cars to customers in the period to 30 September, comfortably surpassing the previous record of 95,356.
Tesla now expects to launch the Model Y, an all-electric SUV, by the summer of 2020, months earlier than originally planned, and its new “gigafactory” in Shanghai has already started trial production.
Manufacturing in China enables the carmaker to avoid import duties and offer lower prices in one of its most important markets.
Following the news on Wednesday, Tesla’s shares jumped nearly 21 per cent after market close to levels last reached in February.
“Tesla nails it at last,” said Neil Wilson, chief market analyst for Markets.com.
Elon Musk’s reaction:
