Tesla Inc TSLA posted adjusted third-quarter earnings of $1.86 per share against a consensus estimate of a 42 cent per-share loss on Wednesday afternoon. Sales of $6.3 billion missed the $6.34-billion Street estimate.
Tesla reported $5.3 billion in cash on hand and positive free cash flow of $371 million.
The automaker said its Shanghai Gigafactory is ahead of schedule, with trial production underway. Model Y production is expected to begin by summer 2020.
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The Tesla Insurance initiative launched in California in August is enabling many customers to cut their insurance costs by 20-30% and has drawn strong interest from new and existing customers, according to Tesla. The automaker said it's working to expand its insurance offering to additional markets.
The automaker fell short of analyst expectations when it reported 97,000 third-quarter vehicle deliveries Oct. 2, 2,000 shy of the consensus forecast of 99,000 deliveries.
Tesla said Wednesday that it expects to exceed 360,000 vehicle deliveries in 2019.
Tesla's stock was rallying more than 14.5% to $291.75 in the after-hours session. The stock closed at $254.68 per share.
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Shanghai Gigafactory photo courtesy of Tesla.
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