Tesla did not disappoint, and CEO Elon Musk made that clear.

“It’s remarkable that Tesla is profitable despite a very challenging environment. And this quarter is actually a record third quarter for us,” he told investors during the company’s earnings call, while also noting that cheaper models are on the way . “We are still on track to deliver more affordable models from the first half of 2025,” he added.

Wedbush Securities analyst Dan Ives said Tesla shares could reach $300, up about 40% from Wednesday’s closing price of $213.65, as the latest quarter is compared to the New York Yankees superstar.

“Tesla delivers Aaron Judge-like margin performance versus the Street… Auto ex-credits gross margin beat at 17.1% versus the Street’s bogey of 15.1%, which was the key metric for the street, as this is clearly an indication that Musk & Co is continuing to focus on profitability while balancing its plans for the future,” he wrote.

ELON MUSK ROLLS OUT ROBOTAXI

Tesla’s Robotaxi will be on display at an unveiling event in Los Angeles on October 10. (Tesla/handout via Reuters)

The better-than-expected quarter is likely to boost stocks that are down more than 14% this year, leaving behind the S&P 500 and Nasdaq Composite, which are up 21% through Wednesday. The EV maker’s Robotaxi Day earlier this month failed to convince investors.

TESLA’S ROBOTAXI IS HERE

A handful of exchange-traded funds (ETFs) are heavily weighted in the electric vehicle maker and could be active on Thursday.

“More specifically, of the 343 ETFs that have positions in TSLA, six have highly concentrated positions of more than 10%,” Seeking Alpha wrote.

ELON MUSK LAUNCHES DAILY ONE MILLION DOLLARS GIVEAWAY FOR PRO-TRUMP PETITION SIGNATORS

Musk and his team also discussed the future of self-driving Teslas that will make paid rides next year; the electric semi currently being tested with Tesla’s partner PepsiCo; and expanding ride-hailing efforts. Musk’s social media site X, formerly Twitter, and artificial intelligence were also discussed.

Year over year, total revenue rose 8% to $25.18 billion, slightly below analyst estimates of $25.46 billion. Earnings per share of $0.72 were easily better than analyst expectations of $0.59. Total gross margins of 19.8% also exceeded expectations of 17%.

AMAZON BRINGS NEW GAS PERK TO PRIME MEMBERS

“My prediction is that Tesla will become the most valuable company in the world, and probably… over time,” Musk said.

Musk made no mention or was not asked about campaigning for former President Trump or any role he might play if Trump wins the presidential election next month.

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