Tesla shares jumped to nearly 12% after the electric car maker reported a 17% increase in profit in the third quarter, reaching $2.2 billion.
This performance is considered the company's biggest success after facing various challenges, with Tesla managing to reduce costs and increase its sales by 6%.
Revenue also increased to $25.2 billion, up 8% from the previous year.
Tesla CEO Elon Musk expressed confidence in Tesla's future, emphasizing its role in shaping energy, transportation, robotics, and AI, while other companies are more focused on short-term trends.
Although Tesla is facing increasingly fierce competition and lower vehicle prices, lower production costs and reduced transportation costs are clearly effective and help increase profits.
Tesla is expected to experience a moderate increase in deliveries in 2024, despite operating in an unstable global economic market.
Musk predicts a 20-30% increase in sales by 2025, while announcing plans to launch an autonomous transportation service.
CFRA Research raised its price target on Tesla shares on Wednesday, noting that their expectations for the company were initially low after its recent disappointing performance.
Despite Tesla's success, Musk's active support of Donald Trump's 2024 presidential campaign has raised concerns about possible implications for the Tesla brand, especially in the context of political divisions in the United States.
