Tesla CEO Elon Musk is pleased with the results

Tesla hasn't disappointed, and CEO Elon Musk has made that clear.

“It is remarkable that Tesla is profitable despite a very challenging environment. And this quarter is actually a record third quarter for us,” he told investors on the company's earnings call, also noting that cheaper models are coming to market. “We remain on track to deliver cheaper 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 during the last quarter a New York Yankees superstar.

“Tesla delivers Aaron Judge-like margin performance compared to Street…Automotive gross margin excluding loans is 17.1%, above the Street's 15.1% bogey, which was the key metric for the Street as this is clearly indicative What's important is that Musk & Co “continues to focus on the profitability side while weighing its plans for the future,” he wrote.

ELON MUSK ROLLS OUT ROBOTAXI

Tesla's robotaxi can be seen at an unveiling event in Los Angeles on October 10th. (Tesla/Handout via Reuters)

The better-than-expected quarter will likely help boost stocks, which have fallen more than 14% this year, underperforming the S&P 500 and the Nasdaq Composite, which are up 21% through Wednesday. The electric vehicle maker's Robotaxi Day earlier this month failed to excite investors.

TESLA'S ROBOTAXI IS HERE

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

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

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Musk and his team also talked about the future of driverless Teslas, which will offer paid rides as early as next year; the electric semi-truck is 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 significantly exceeded analysts' estimate of $0.59. The overall gross margin of 19.8% also exceeded expectations of 17%.

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“My prediction is that Tesla will become the most valuable company in the world, probably… by a lot,” Musk said.

Musk did not mention nor was asked about former President Trump's campaign or what role he might play if Trump wins the presidential election next month.

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