Tesla sets revenue record

Tesla on Wednesday reported its fifth consecutive quarterly profit on record revenue of 8.8 billion dollars, sending shares up in after-hours trading.

The electric car maker’s earnings were boosted by an uptick of vehicle deliveries in the third quarter, as well as by sales of environmental regulatory credits to other automakers.

Tesla also affirmed its target to deliver half a million vehicles by the end of this year.

The company has enjoyed a meteoric rise under its outspoken and sometimes controversial Chief Executive Elon Musk.

It has defied the downward trend of the wider auto industry in 2020 with steady sales and profitable quarters, sending shares up around 400% this year.

Tesla's market capitalization, at 394.5 billion dollars, is the largest among all automakers in the world, despite the company trailing its rivals in sales, revenue and profit.