DETROIT (AP) — Tesla’s third-quarter net income rose 17.3% compared with a year ago on stronger electric vehicle sales, and an optimistic CEO Elon Musk predicted 20% to 30% sales growth next year.
The strong performance changed the trajectory of the year for the Austin, Texas-based company, which had seen sales and profits decline in the first two quarters.
In its letter to investors, Tesla predicted slight growth in vehicle deliveries this year, better than the 1.8 million delivered worldwide in 2023.
Tesla said Wednesday that it made $2.17 billion from July through September, more than the $1.85 billion profit it posted in the same period of 2023.
The earnings came despite price cuts and low-interest financing that helped boost sales of the company’s aging vehicle lineup during the quarter. It was Tesla’s first year-over-year quarterly profit increase of 2024, a year plagued by falling sales and prices.
Revenue in the quarter rose 7.8% to $25.18 billion, falling short of Wall Street analysts who estimated it at $25.47 billion, according to FactSet. Tesla made an adjusted 72 cents per share, soundly beating analyst expectations of 59 cents.
