(fxcue news) - Shares of Tesla Inc. climbed more than 12 percent in the after-hours on Wednesday and are currently up around 11 percent in the pre-market activity on the Nasdaq after the luxury electric vehicle maker reported higher profit in its third quarter, above market estimates, benefited by volume growth. Looking ahead to fiscal 2024, the company projects slight growth in vehicle deliveries, despite ongoing macroeconomic conditions. Energy storage deployments are expected to be more than double year-over-year in 2024. During its earnings call, Tesla CEO Elon Musk said the firm achieved record deliveries in the quarter at a time when the industry was seeing year-over-year declines in order volumes. Meanwhile, Tesla warned that sustaining positive margins in the fourth quarter will be challenging, given the current economic environment. Musk also said the company is still on track to deliver affordable models starting in the first half of 2025. Regarding Cybercab robotaxi, the CEO said the firm expects reaching volume production in fiscal 2026, aiming for at least 2 million units a year, maybe 4 million ultimately. Musk added that Tesla expects to achieve full autonomy next year with the existing vehicle line, and that it would roll out ride-hailing in California and Texas next year to the public, and maybe some other states as well. Tesla's third-quarter vehicle safety report shows one crash for every 7 million miles of autopilot, compared to the U.S. average of one crash roughly every 700,000 miles. In its third quarter, Tesla delivered strong results with growth in vehicle deliveries both sequentially and year-on-year, resulting in record volumes. Total production in the quarter grew 9 percent to 469,796 units from last year's 430,488 units. Total deliveries went up 6 percent from last year to 462,890 units. According to the firm, increase in overall production and delivery volume, benefit from the marketing pricing and more localized deliveries in region resulted in lower freight and duties. Meanwhile, the company experienced a reduction in average selling prices or ASPs primarily due to the impact of financing incentives. Further, its cost of goods sold or COGS per vehicle came down to its lowest level ever at around $35,100. In its third quarter, Tesla's earnings came in at $2.17 billion or $0.62 per share, 17 percent higher than prior year's $1.85 billion or $0.53 per share. Adjusted earnings were $2.51 billion or $0.72 per share for the period, compared to $2.32 billion or $0.66 per share a year ago. Analysts on average had expected the company to earn $0.58 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Income from operations climbed 54 percent from last year to $2.72 billion, reflecting a 6 percent drop in operating expenses to $2.28 billion. Operating margin was 10.8 percent, an improvement of 323 basis points. The company's revenue for the quarter rose 7.8 percent to $25.182 billion from $23.350 billion last year, driven by growth in vehicle deliveries, and in Energy Generation and Storage and Services, among others. Total automotive revenues grew 2 percent from last year to $20.02 billion, and the growth was 52 percent in Energy generation and storage revenue and 29 percent in Services and other revenue. On Nasdaq, Tesla shares closed Wednesday's trading at $213.65, down 2 percent. Following the earnings report, the shares gained 12.10 percent in the extended trading to $239.50. In pre-market activity, the shares are currently trading at $237.49, up 11.16 percent. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.