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Tesla Profit Doubles As Car Deliveries Surge

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Key Points

  • Tesla on Wednesday 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.
  • It delivered 139,000 vehicles in the past quarter, amid strong growth in its Model 3 car, the least expensive in its lineup.
  • Visit The Financial Today’s homepage for more stories.

NEW YORK — Tesla on Wednesday 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.

“We continue to see growing interest in our cars, storage, and solar products and remain focused on cost-efficiency while growing capacity as quickly as possible,” Tesla said in a letter to shareholders.

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.

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