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Tesla shares surge after unexpected profit

Tesla shares have surged to their highest levels since February, after it told investors that manufacturing at its Chinese factory and plans for its next model were ahead of schedule.

The firm also reported an unexpected profit of $143m (£110.7m) for the three months to 30 September.

That beat forecasts, but was down more than 50% from a year earlier.

Shares in the electric carmaker jumped by more than 17% in after-hours trade to about $300 apiece.

Tesla has struggled with years of losses, fuelling investor doubts and casting a shadow over the shares in recent years.

The firm has yet to turn an annual profit, although it recorded positive results in the final two quarters of 2018.

Last year, the company took aggressive steps to slash expense, cutting thousands of jobs and reining in other spending…

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