Tesla stock soars after investors cheer Q3 earnings report

Published On Oct 24, 2024, 9:31 AM

Tesla's stock price jumped 14% after the company reported its third-quarter earnings, which were better than expected in terms of adjusted earnings per share and gross margins. Although revenue of $25.18 billion fell slightly short of estimates, the company's new affordable electric vehicle is on schedule for production next year. CEO Elon Musk projected a potential 20%-30% growth in vehicle deliveries for the following year, contributing to positive investor sentiment. Notably, the gross margin hit 19.8%, exceeding expectations.