Tesla Inc. saw its market value jump by $80 billion after reporting its largest quarterly profit in over a year. The boost, driven by Cybertruck sales, energy storage, and regulatory tax credits, exceeded analyst expectations. Tesla’s shares surged 12% following the announcement, bolstered by CEO Elon Musk’s ambitious projections for 2025.
Musk, known for his bold predictions, outlined plans for 20%-30% delivery growth in 2024, along with the rollout of robotaxis in Texas and California. He also teased the production of Tesla’s autonomous “Cybercab,” expected to reach mass production in 2026 with an aim of at least 2 million units.
Despite missing expectations earlier this year, Tesla’s Q3 profit per share beat estimates at 72 cents, ending a four-quarter streak of underperformance. The company’s growth has been fueled by rising production volumes and a sharp increase in regulatory credit sales.
Looking ahead, Musk expressed confidence in Tesla’s ability to dominate the electric vehicle market, with plans to continue expanding autonomous technology across all models.