Tesla posts better-than-expected profit as deliveries grow 6% YoY

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Tesla reported better-than-forecast earnings for the third quarter of 2024, with vehicle deliveries growing on both a quarterly and annual basis.

The electric car manufacturer’s net income reached $2.17 billion in the three-month period, marking an increase of 17% year-on-year (YoY).

Earnings per share (EPS) grew 9% YoY to 72 cents, compared with expectations for 58 cents.

The US-based company's revenue rose 8% YoY to $25.18 billion, but fell short of average consensus estimate of $25.37 billion.

Tesla announced the delivery of 462,900 vehicles in the third quarter, extending its upward trend for the second consecutive quarter, with a 6% YoY increase. Production rose 9% from the 430,500 vehicles produced a year earlier.

Tesla's stock jumped 9.4% in afterhours trading at 11:26 pm KSA time, after closing 2% lower at $213.65 on Oct. 23.