DETROIT (AP) — Tesla’s third-quarter net income rose 17.3% compared with a year ago as its electric vehicle sales rose. The Austin, Texas, company said Wednesday that it made $2.17 billion from July through September, more than the $1.85 billion profit it posted in the same period of 2023.

(Reuters) - Tesla reported a higher-than-expected profit margin for the third quarter on Wednesday even as it offered lucrative financial incentives to boost demand for its aging electric vehicle line up. Shares of the Austin, Texas-based automaker rose 4.8% in trading after the bell.

Tesla’s earnings beat Wall Street’s estimates for the third quarter. Shares are rising in after-hours trading. The electric vehicle company reported 72 cents a share in earnings, up 9% year over year and better than the 60 cents that analysts expected.