Tesla stock jumps over 10% after quarterly results
Tesla Inc. shares rallied more than 17% late Wednesday after the Silicon Valley electric-car maker reported a surprise quarterly profit and said key projects were ahead of schedule.
Both the “gigafactory” in China and the Model Y, Tesla’s next vehicle, are “ahead of schedule,” the company said in a letter to shareholders. Tesla moved to dispel some of the concerns about margins, saying that despite “reductions in the average selling price of Model 3 as global mix stabilizes, our gross margins have strengthened” while expenses were at its lowest since the start of Model 3 production.
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