Tesla posted a surprise first-quarter profit, propelled by strong demand for its Model 3. Shares gained 7% after hours.
Tesla Inc. reported a surprising first-quarter profit, fueled by the sale of regulatory tax credits and strong demand for its Model 3 compact car before the coronavirus pandemic shut down its lone U.S. factory in late March.
The Silicon Valley auto maker said Wednesday it is too soon to say how the rest of the year might be affected by efforts to quell the spread of Covid-19, which have roiled automotive markets globally and raised concerns of a prolonged recession.
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