Tesla reported a 17.3% increase in net income for the third quarter compared to the previous year, driven by a surge in electric vehicle sales.
The company, based in Austin, Texas, announced on Wednesday that it achieved a profit of $2.17 billion during the period from July to September, exceeding the $1.85 billion profit recorded during the same timeframe in 2023.
This profit growth is notable, given that it occurred amidst price reductions and low-interest financing options aimed at stimulating sales of their older vehicle models, marking Tesla’s first year-over-year profit rise in 2024.
In terms of revenue, Tesla saw a 7.8% increase, bringing it to $25.18 billion. However, this figure fell short of the expectations set by Wall Street analysts, who had projected $25.47 billion, according to information provided by FactSet.
When accounting for one-time items, Tesla reported earnings of 72 cents per share, surpassing the analysts’ forecast of 59 cents.
Earlier in the month, Tesla revealed that it sold a total of 462,890 vehicles from July through September, which represents a 6.4% increase compared to the same period last year and marks the first quarterly sales gain for 2024.
The sales figures exceeded the expectations of analysts, reflecting a positive trend in Tesla’s market performance.
