Tesla Reports Robust Profit Increase

Published On Oct 23, 2024, 4:30 PM

Tesla reported a 17% increase in profits for Q3 2024, attributing this rise to strong sales in battery storage and other energy products, despite slower growth in auto sales. The company earned $2.2 billion on $25.2 billion in sales during this period. While these results exceeded expectations, Tesla cautioned investors to anticipate only slight growth in vehicle deliveries for the year. The stock surged 8% in after-hours trading following the earnings report, highlighting investor confidence despite a modest increase in vehicle sales overall.