Tesla's Stock Surges After Strong Q3 Earnings

Tesla's stock surged over 13% after the company reported better-than-expected third-quarter earnings, marking its first earnings growth in seven quarters. The company reported a profit of 72 cents per share, improved operating and automotive gross profit margins, and its lowest cost per goods sold ever at $35,100 per vehicle. Analysts have responded positively, with many raising their price targets, though some remain cautious given ongoing challenges. Elon Musk outlined ambitious plans, including scaling production of robotaxis by 2026 and enhancing Tesla's AI and robotics capabilities, which he believes could significantly boost market capitalization. Despite recent positive performance, Tesla faces pressure to improve profitability and manage costs amidst its strategic expansions. The positive earnings report helped buoy Tesla's stock and investor sentiment amid broader market challenges.