Tesla reported a profitable third quarter today — its first this year — as shoppers scrambled to snatch up the company’s EVs in record numbers before the federal EV tax credit expired.

Tesla said it earned $1.4 billion in net income on $28.1 billion in revenue in the quarter that ended in September. That’s 12 percent increase in revenue but a 37 percent decrease in profits over the third quarter of 2024, when the company earned $2.2 billion in net income on $25.2 billion in revenue. Tesla’s revenue came in above Wall Street expectations of $26.24 billion, according to data compiled by LSEG.

Tesla was widely expected to have a relatively good quarter as a result of the expiration of the $7,500 federal EV tax credit on September 30th. The company sold a record number of EVs in the third qu

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