Tesla (TSLA.US) rose over 16% as its Q3 earnings report was impressive, adding over $95 billion to its market value.

Tesla (TSLA.US) shares surged on Thursday, up more than 16% at the time of writing to $247.78. Its market value increased by more than US$95 billion, roughly equal to two Neta Auto and Li Auto. The company's adjusted EPS grew far beyond market expectations, up 9% YoY to US$0.72, and its auto business margin, excluding "selling carbon" revenue, rose to 17.1%, easily topping the market's expectation of 15.1%, dispelling concerns about the overall decline in the automotive industry and intensified competition in the EV industry. Meanwhile, Tesla reiterated its plan to start producing new models such as its ultra-low-cost car in the first half of next year and announced that its Cybertruck, which began deliveries in November last year, achieved its first positive gross margin.

In addition, Tesla emphasized that its AI training computing volume grew by more than 75% in Q3. It deployed a cluster of 29,000 Nvidia H100 chips at its Gigafactory in Texas ahead of schedule and trained them in the quarter, and it expects to have a capacity of 50,000 H100s by the end of October.