Tesla Reports Robust Profit Increase on Strength of Battery Storage Sales The electric car company said profits climbed 17 percent in the third quarter as strong sales of energy products helped to make up for relatively slow auto sales.

New York Times ^

[Cronos]

Tesla’s profit for the third quarter increased 17 percent from a year ago, the company said Wednesday, as strong growth in its battery storage and other businesses more than made up for a modest increase in car sales.

The company said it earned $2.2 billion from July through September, compared with $1.9 billion in the same period last year. Sales were $25.2 billion, compared with $23.4 billion a year earlier. But Tesla warned investors to expect only “slight growth” in the number of cars it will deliver this year.

Tesla shares jumped more than 11 percent in extended trading on Wednesday as the company’s third quarter results were stronger than investors had expected.

Much of Tesla’s strong performance came from things other than selling vehicles. Sales of storage batteries, which are used by utilities, businesses and homeowners, jumped 52 percent in the quarter from a year earlier, and revenue from services like charging climbed 29 percent.

...While Tesla sells far more electric vehicles than any competitor, its market share in the United States slipped to 48.2 percent in the third quarter from 49.8 percent in the second quarter, according to Kelley Blue Book, which tracks the industry.

[Cronos]

[Cronos]

[newfreep]

Musk must realize the decreasing demand of battery cars and it will be interesting to see how he structures Tesla’s car production for the foreseeable future.

[central_va]

Tesla needs to offer a hybrid.

[Fresh Wind]

Tesla's battery business is exploding!

[Paal Gulli]

"Many people are gullible, and we can expect this to continue."

-- P.T. Barnum