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.
Tesla 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 about 8 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.
The company also brought in $739 million from selling regulatory credits to other automakers that need them in order to meet emissions regulations. That number was up 33 percent than from a year earlier.
Tesla, which is led by Elon Musk, accounts for almost half the electric cars sold in the United States and is a bellwether for electric car demand. Battery-powered vehicles, which have no tailpipe emissions, are considered critical to fighting climate change.