Tesla managed to increase its profit by 17 percent in the third quarter compared to a year earlier. The net profit amounted to almost 2.2 billion dollars (2 billion euros).
The manufacturer of electric cars and electricity storage systems makes a lot of money from the sale of emission allowances, which the company receives by putting cleaner cars on the road. In addition, Tesla sold more cars and significantly reduced the costs per car delivered.
Earlier this month, Tesla announced that it had sold slightly more cars than in the third quarter of last year. Partly as a result, turnover increased by 8 percent to $ 25.2 billion.
Throughout 2024, Tesla expects to sell slightly more cars than last year. However, the American company faces fiercer competition from China. Many car buyers are also less keen on electric cars due to the phasing out of subsidies.
Tesla also emphasizes in the quarterly report that it is still working on a more affordable electric car.
The automaker’s profit is higher than Wall Street analysts expected. The share of Elon Musk’s company has shot up to more than 9 percent after the close.