NEWARK: Tesla on Wednesday (Thursday in Manila) said profits in the past quarter more than doubled as the electric car giant forecast deliveries hitting 500,000 this year. Net profit in the quarter rose to $331 million, up from $143 million a year earlier, as revenue rose nearly 40 percent to $8.7 billion. Tesla’s share price was up more than three percent in after-hours trade on the results. With its hot-selling electric cars, Tesla has stood out among auto industry peers and as it invests in building up its lineup with more affordable prices than in the past. It delivered 139,000 vehicles in the past quarter, amid strong growth in its Model 3 car, the least expensive in its lineup.

Source: Manila Times October 22, 2020 16:07 UTC