Tesla reported a fifth consecutive quarter of profits on Wednesday and said it remains on track to deliver 500,000 cars in 2020.
Shares of the company rose as much as 4.5% in aftermarket trading on Wednesday after closing at $422.64. The stock is up 405% so far in 2020. “While achieving this goal has become more difficult, delivering half a million vehicles in 2020 remains our target,” the company said in a statement. Meeting that will largely depend on increased production at its Shanghai factory and higher output of its Model Y, it said.
Tesla’s revenue rose to a better-than-expected $8.8bn, even as sales of regulatory credits to other automakers fell to $397m. That was down from $428m in the second quarter.
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