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Tesla Motors Q3 Results Beat Street

Shares of Tesla Motors Inc. (TSLA) gained 4% in extended trading session on Wednesday after the luxury electric car maker reported a profit and revenues for the third quarter that trumped Wall Street analysts' estimates.

Palo Alto, California-based Tesla reported third-quarter profit of $331million or $0.27 per share, compared to last year's profit of $143 million or $0.16 per share.

Excluding items, adjusted earnings for the quarter were $0.76 per share, compared to $0.37 per share last year. On average, 15 analysts polled by Thomson Reuters expected earnings of $0.56 per share for the quarter.

Tesla's revenues for the quarter surged 39% to $8.77 billion from $6.30 billion last year. Analysts had a consensus revenue estimate of $8.26 billion.

The company said revenue growth reflects "substantial growth in vehicle deliveries as well as growth in other parts of the business. Meanwhile, vehicle average selling price declined slightly due to product mix shifting from Model S and Model X to the more affordable Model 3 and Model Y.

In the quarter, Tesla said it delivered 124,318 Model 3s/Y to customers, up 56% from last year and up 55% from previous quarter. Model S/X deliveries were 15,275 down 13% from last year but up 44 % from previous quarter.

Looking forward, Tesla said it targets to deliver half a million vehicles in 2020.

"We have the capacity installed to produce and deliver 500,000 vehicles this year. While achieving this goal has become more difficult, delivering half a million vehicles in 2020 remains our target. Achieving this target depends primarily on quarter over quarter increases in Model Y and Shanghai production, as well as further improvements in logistics and delivery efficiency at higher volume levels."

TSLA closed Wednesday's trading at $422.64, up $0.70 or 0.17%, on the Nasdaq. The stock further gained $13.77 or 3.26% in the after-hours trade.

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