Tesla Earnings Top Forecasts, Musk Vows 50% Annual Growth Rate

Updated at 4:39 pm EST

Tesla  (TSLA) – Get Free Report posted stronger-than-expected fourth quarter earnings Wednesday, and even as cost cuts ate into the group’s profit margins CEO Elon Musk said he plans to outpace his forecast for a 50% annual delivery growth rate. 

Tesla said adjusted earnings for the three months ending in September were pegged at $1.19 per share, up nearly 40% from the same period last year and 6 cents ahead of the Street consensus forecast of $1.13 per share.

Group revenues, Tesla said, rose 37.6% from last year to $24.32 billion, just ahead of analysts’ forecasts of a $24.03 billion tally.