Tesla stocks surge after profits defy expectations

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Electric car maker Tesla reported a second quarter profit Thursday that overshot past estimates on sales.

The company reported earnings of 20 cents a share excluding special items. Analysts predicted a loss of 17 cents.

Tesla credits its strong performance to record deliveries of its model S plug-in sedan and improved margins.

The company increased production in the second quarter from 400 to 500 vehicles a week.

It also doesn’t hurt that the model S also got a five-star safety rating from the national highway traffic safety administration.

The company also began deliveries in Europe this week and has plans to open “several more” dealerships this year, including its first in China.

Source – CNN