Tesla share price surges as Musk defies doubters

Hanno Labuschagne

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Tesla defies odds and posts positive results

Elon Musk flipped the script on those who doubted Tesla Inc. could return to profitability and meet aggressive timelines, delivering positive earnings few saw coming and declaring he’s ahead of schedule on a new plant and product.

The electric-car maker earned $1.86 a sharein the third quarter, exceeding the most optimistic projection by a wide margin and beating the consensus estimate for a 24-cent loss.

On top of that, Musk peppered investors with positive updates: Tesla’s new factory in China is already starting production, the Model Y crossover will launch months earlier than expected next year and the long languishing energy business is showing signs of life.

[Bloomberg]
 
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