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Boosted by unexpected results, the stock rose nearly 21% to $307.12 in after hours trading, breaking above $300 for the first time since March 1. Tesla on Wednesday reported a cash balance of $5.3 billion. The company reported a profit of $1.86 per share, far higher than analysts expected a loss of $0.42 per share.
The third quarter results are an important milestone for Tesla and a remedy for musk. Musk had to step down as chairman after a series of scandals and investors doubted Tesla's ability to cope with competition from larger, more capital intensive global rivals.
Tesla's gross margin, an important profit indicator for investors, exceeded expectations, and Tesla said it was "very confident" that the low end of the global annual vehicle delivery target would be exceeded.
But revenue for the quarter ended September 30 fell nearly 8% to $6.3 billion. Analysts had expected revenue of $6.33 billion, according to ibes data.
As of Tuesday, Tesla's share price has fallen 23% this year. Wednesday's regular trading session ended 0.35% lower at $254.68, but strong after hours trading reduced its share price decline to 8% this year.
Tesla said it plans to deliver 360000-400000 vehicles in 2019, and said on Wednesday that it "has full confidence in delivering more than 360000 vehicles this year."
Tesla also said production of the new SUV model y electric vehicle and its model 3 plant in Shanghai was ahead of schedule. Production of model y is expected to begin in the summer of 2020, and trial production of complete vehicles is now underway in Shanghai, the company said.

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