Tesla posts surprise $2.17 billion third-quarter profit, up 17.3% from a year ago

DETROIT (AP) — Tesla’s third-quarter net income rose 17.3% compared with a year ago on stronger electric vehicle sales, and an optimistic CEO Elon Musk predicted 20% to 30% sales growth next year.

The strong performance changed the trajectory of the year for the Austin, Texas-based company, which had seen sales and profits decline in the first two quarters.

In its letter to investors, Tesla predicted slight growth in vehicle deliveries this year, better than the 1.8 million delivered worldwide in 2023.

Tesla said Wednesday that it made $2.17 billion from July through September, more than the $1.85 billion profit it posted in the same period of 2023.