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Surprise $342m profit drives up Tesla shares in post-market surge

By Yana Berman

Electric car maker motors back into positive territory for first time since last year

Tesla posted a surprise profit of $342m (£265m) in the third quarter, leading its stock to jump 20 per cent after markets closed.

Wall Street analysts had expected net losses of $257m. And the electric car manufacturer also beat expectations by earning $1.86 per share, ahead of a forecast loss of 42 cents per share, Reuters reports.

The figures put Tesla back in profit for the first time since the second half of 2018. It has posted profits only twice before, in 2013 and in 2016.

The post-market surge pushed its shares above $300 for the first time since March.

Elon Musk, who was forced to step down as Tesla's CEO after a settlement with the US Securities and Exchange Commission, shared the results on Twitter.

He said that the company’s Shanghai plant, its first in China, is ahead of schedule. Its Model Y is also ahead of schedule. Tesla's solar business is also on the rise,with installation of solar panels up 48 per cent from the second quarter.

Tesla launched insurance services for its drivers in California in Q3 and also received approval for the Shanghai facility from the Chinese authorities.

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