Teslas Third Quarter Earnings Report Robust Profit Increase

Tesla profit for the third quarter increased 17 percent from a year ago, the company said Wednesday, as strong growth in its battery storage and other businesses more than made up for a modest increase in car sales.The company said it earned $2.2 billion from July through September, compared with $1.9 billion in the same period last year.Sales were $25.2 billion, compared with $23.4 billion a year earlier.

But Tesla warned investors to expect only “slight growth” in the number of cars it will deliver this year.Tesla shares jumped about 8 percent in extended trading on Wednesday as the company’s third quarter results were stronger than investors had expected.The company led by Elon Musk accounts for almost half the electric cars sold in the United States and is a bellwether for electric car demand.Battery-powered vehicles, which have no tailpipe emissions, are considered critical to fighting climate change.Slower overall growth in electric car sales this year can largely be attributed to Tesla, which this month reported a 6 percent increase in the number of vehicles it sold in the third quarter after sales fell in the first six months of the year.Recent data has hinted at a pickup in electric car sales as companies like General Motors and Hyundai introduce new models.

But no automaker except Tesla accounts for more than 10 percent of the U.S.electric car market.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.

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