Tesla stock was trading higher on Tuesday, after it raised its forecast for next-quarter earnings.
Shares of the California-based electric carmaker rose 5% to $7,092.06 in early trading on the New York Stock Exchange, while Tesla’s shares were up 4.9% to about $9,738.37.
Tesla said it expects its full-year profit to be $4.6 billion, a record for a U.S. automaker.
The Model 3, the $35,000 sedan that Tesla has said it is testing in its Fremont, California, factory, has been a blockbuster success in the U.K. The car has sold more than 50,000 units and grossed more than $7 billion in the last two months.
Tesla said its second-quarter profit was $2.9 billion.
That is the lowest in the company’s history and the first time that’s happened since the company began publishing earnings on a quarterly basis in 2020.
The Palo Alto, California-headquartered company also said it sold more cars last year than ever before, and now has more than 100,000 electric vehicles on the road.