Tesla stuns Wall Street with great big screeching U-turn

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Tesla stuns Wall Street with great big screeching U-turn

Electric car company surprises financial analysts, who had expected CEO Elon Musk to report a loss

Olivia Rudgard

Tesla has recorded its first profit this year, beating Wall Street estimates as it announced it was ahead of schedule with its new SUV and Shanghai factory.

Last week the electric car company stunned analysts, who had expected it to record a loss, by reporting a profit of $143m on revenue of $6.3bn.

Shares rose by more than 15% on the news, which the company said was achieved through “fundamental improvements in our operating efficiency”...

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