TESLA’S second-handed electric-car maker, Teslas second-oldest electric-vehicle,talks to investors at its annual shareholder meeting in Shanghai, China, Thursday, Oct. 7, 2017.
Tesla’s shares rose 8 percent to $6,946.43 on Thursday after the company’s latest earnings report showed a surge in second-half revenue.
The company said its second-quarter revenue rose more than 40 percent to almost $1 billion.
Teslas share price has risen more than 90 percent since last year’s close.
Tesla said its third-quarter profits will beat Wall Street forecasts and the company plans to report a net profit of $5.2 billion in 2017, compared to Wall Street expectations of $4.5 billion.
Tesla has also said it expects to continue operating its $5 billion factory in Fremont, California, which it acquired in 2018.
Tesla reported record quarterly profits in its most recent financial report, showing a surge of revenue and a strong demand for the Model 3.
It has also been a hit with investors.
Tesla stock rose nearly 15 percent this year and is up nearly 80 percent this decade.
Tesla is one of the biggest players in the electric car market and has seen sales of its cars skyrocket in the past two years.
Tesla recently announced it will build the Model X SUV at its factory in Reno, Nevada, but it is not yet ready to open production of the Model S sedan.
Tesla plans to build a second-generation Model 3 SUV later this year, but that vehicle will be built by a different company.
The electric-automaker has not yet released any details about its production schedule, but analysts believe the Model 2 sedan will be out in 2021, not 2022.
Tesla CEO Elon Musk said Thursday the Model 4 will be the first vehicle in a new generation of cars.
It is not clear how long Tesla will need to produce its Model 4, which has a smaller battery than the Model III.
The Model 4 is expected to be priced around $40,000.
The vehicle is expected in late 2021 or early 2022.