Shares of Tesla Inc. ( TSLA ) surged 10.93% in pre-market trading on Thursday, following the release of its third-quarter financial results.

What Happened: At the time of writing, Tesla was up at $237.00 while it closed at $213.65 on Wednesday, Benzinga Pro data revealed.

The Elon Musk-led EV giant reported its earnings after the market hours on Wednesday. It revealed a mixed performance, with some figures exceeding expectations while others fell short.

Tesla reported third-quarter revenue of $25.18 billion, an 8% rise from the previous year, though it missed the Street’s consensus estimate of $25.37 billion. However, its automotive revenue increased by 2% year-over-year, reaching $20 billion.

See Also: Tesla Q3 Earnings Preview: Analyst Says 1.8 Million Unit Estimate ‘Hittable’ For 2024, ‘2 Million+ Number The Focus For 2025’

In terms of production and deliveries, the company delivered 462,890 vehicles in the third quarter, marking a 6.4% increase from the previous year. Production numbers were slightly higher at 469,796 units, reflecting a 9.1% year-over-year growth. Additionally, Tesla celebrated the production of its 7 millionth vehicle on October 22.

Looking forward, Tesla aims to launch more affordable models by the first half of 2025 and continues to focus on expanding its vehicle and energy product offerings, despite prevailing economic challenges. The company asserts it has ample liquidity to support its product roadmap.

Why It Matters: The recent earnings report has been positively received by analysts, with Gary Black, Managing Partner at The Future Fund LLC, describing Tesla’s performance as a “clean beat.” Black highlighted Tesla’s significant outperformance across key metrics, which contributed to a 12.10% rise in after-hours trading. The adjusted earnings per share of $0.72 notably exceeded both Wall Street’s estimate of $0.58 and Black’s own projection of $0.56. This strong financial performance underscores Tesla’s ability to navigate market challenges and maintain its growth trajectory.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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