Tesla reports a record Q3 profit — creating a massive midweek stock rally

Tesla reported a net income in Q3 of $874 million, up 156 percent compared to a year ago and nearly double its Q2 profit.

Analysts had been forecasting earnings of $593 million.

Shares soared by over 4 percent in after-hours trading, adding to a stock run-up of more than 400 percent for the year to date through Wednesday’s close.

Tesla’s Q3 results come weeks after “Battery Day” — during which the company said it’ll redesign its batteries to improve range and power, and eventually launch a $25,000 vehicle.

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