Hyperdrive
Tesla Soars to Best Day in 11 Years After a Blowout Quarter
- Carmaker beats estimates for earnings and auto profit margin
- CEO Elon Musk predicts strong growth in deliveries next year
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Tesla Inc.’s shares surged the most in more than 11 years after the carmaker reported surprisingly strong earnings and forecast as much as 30% growth in vehicle sales next year.
Third-quarter results were buoyed by Tesla turning a corner with the Cybertruck, which generated profit for the first time. Lower material costs, an expanding energy business and sales of regulatory credits to automakers that need help complying with emissions limits also contributed to Tesla’s best quarterly earnings in more than a year.