Tesla 3Q profit more than doubles from a year ago to $3.29B

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — Tesla has reported that its third-quarter profit more than doubled from a year ago, fueled by higher vehicle sales. The Austin, Texas, electric vehicle and solar panel maker said it made $3.29 billion from July through September. Revenue rose 56% to a record $21.45 billion. But it fell just short of estimates averaging $21.98 billion. Tesla stuck with its prediction of 50% annual vehicle sales growth over the next few years, confident that demand will remain strong. But it will take a stellar fourth-quarter sales performance to reach the 50% goal. Analysts have questioned whether Tesla is experiencing waning demand for its vehicles, which in the U.S. start around $49,000.