Tesla Earnings: Stock Rises After Q3 Results

Tesla's stock rose in after-hours trading on Wednesday after the company reported better-than-expected third-quarter earnings.

The electric car maker reported earnings per share of $1.05, beating analysts' estimates of $1.03. Revenue came in at $21.45 billion, also above expectations.

Tesla's automotive revenue grew 56% year-over-year to $18.69 billion, driven by strong demand for its Model 3 and Model Y vehicles. The company also reported record production and deliveries in the third quarter, with 365,923 vehicles produced and 343,830 vehicles delivered.

Tesla's energy storage revenue grew 62% year-over-year to $2.76 billion, driven by demand for its Powerwall and Powerpack products. The company also reported progress on its Cybertruck, Semi, and Roadster programs, with production of the Cybertruck expected to begin in 2023.

Tesla's stock rose about 5% in after-hours trading following the release of the earnings report. The stock has been on a tear in recent months, rising more than 70% since the beginning of the year. Tesla is now the most valuable car company in the world, with a market capitalization of over $1 trillion.