Tesla's income up 17% in Q3, revenue climbs 8%

​​​​​​​By Ovunc Kutlu

ISTANBUL (AA) - Tesla saw its income rising 17% and revenue climbing 8% in the third quarter, according to financial results released Wednesday.

Net income attributable to common stockholders rose to almost $2.17 billion, up from $1.85 billion during the same period last year.

Revenues were up to $25.2 billion from $23.3 billion, according to a statement.

Income from operations jumped 54% and free cash flow soared 223% year-on-year.

The US-based electric carmaker said its cost of goods sold per vehicle came down to its lowest level ever at $35,100.

"In order to continue accelerating the world’s transition to sustainable energy, we need to make EVs affordable for everyone, including making total cost of ownership per mile competitive with all forms of transportation," said the statement.

The company said preparations are underway to offer new vehicles, including more affordable models, which will begin launching in the first half of next year.

Amid strong results, Tesla's stock price soared 9.38% to $233.70 in after-hours trading on the Nasdaq after closing Wednesday at $213.65.