Tesla shares soared almost 20% after the release of the quarterly report

At the high on October 24, the automaker’s shares were trading at $254.64, 19.2% higher than the previous session’s closing price. At the time of this publication (18:58 Moscow time), Tesla shares were worth $254.05, up 18.91% from yesterday’s close.

Elon Musk’s company presented its quarterly report the day before, on October 23. In his words, Tesla’s revenue increased by 8%, to $25.18 billion; compared to $23.35 billion in the same period in 2023, net profit increased by 17% to $2.17 billion, after $1.85 billion in the third quarter of last year.

In July-September, Tesla produced about 470 thousand electric vehicles, compared to 430 thousand cars in the same period in 2023 (an increase of 10%).

The report also states that the company plans to develop a lower-cost electric vehicle model, which is scheduled to be launched in the first half of 2025. The cheapest Tesla electric car currently costs $29.9 thousand, as can be seen from the information contained therein. on the manufacturer’s website.

In mid-October, Tesla CEO Elon Musk unveiled prototypes of the Cybercab unmanned robotaxi and the Robovan robotic van. The latter allows you to transport up to 20 passengers and cargo. Musk said his company will launch robotaxis by 2027.