TESLA POSTS SURPRISE PROFIT IN THIRD QUARTER

EV major Tesla posted an unexpected $312 million profit for the third quarter, thanks to a surge in production and sale of its Model 3 sedan. Its revenue stood at $6.82 billion against an estimated $6.33 billion. It was welcome news for investors in spite of manufacturing issues and months of histrionics by CEO Elon Musk. Its shares jumped more than 12 per cent following the announcement. The company had turned a quarterly profit only twice before.