Tesla shares soared 20 per cent in after-hours trading after the electric car pioneer posted a net quarterly profit, surprising analysts, issued a bullish outlook and said its Model Y sport utility vehicle was “ahead of schedule” and would launch next summer.
The Fremont, California-based group’s net profit in the third quarter was $143m, providing huge relief to investors following a cumulative loss of $1.1bn in the first half of the year.
Tesla posted adjusted earnings per share of $1.86, better than even the most bullish of Wall Street analysts’ forecasts, which ranged from a loss of $1.25 a share to a gain of $0.34.
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