Tesla NASDAQ TSLA saw its shares jump by 20% after hours on Wednesday and another 14% in pre-market trade on Thursday after reporting earnings for the third quarter beating analyst estimates. Tesla booked earnings per share of $0.72, higher than the $0.58 EPS expected by Wall Street analysts. Total revenues rose to $25.182 billion, up by 8% year-over-year, with total automotive revenues at $20 billion, a 2% annual increase.
“In order to continue accelerating the world’s transition to sustainable energy, we need to make EVs affordable for everyone, including making total cost of ownership per mile competitive with all forms of transportation,” Tesla said in the earnings release. The EV manufacturer said that it is preparing to begin offering new vehicles, including cheaper models. Some of these will begin launching in the first half of 2025.