Telsa Motors surprised Wall Street this week after posting better-than-expected earnings in the second quarter of 2013.
Shares of Tesla increased 13 percent to $151.19 in trading after the results were reported according to Reuters.
Year to date results have increased approximately 300 percent.
The electric car automaker, reported a net income of $26.3 million, which easily topped expectations for a loss of $18.9 million.
Tesla posted its first profit ever during the first quarter of 2013 according to Reuters.
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After forecasts predicted a loss of 19 cents per share, the company delivered earnings of 20 cents per share.
The company, led by Elon Musk, said it sold 10,500 Model S sedans during the first six months of 2013, and expects to increase that number to 40,000 during the same time frame in 2014 as the company is looking to increase sales in locations like Asia and Europe.
In May, the automaker raised over $1 billion in equity and debt and paid off a $440-million government loan balance.
A month later, Musk unveiled a system to swap battery packs in its Model S vehicles in just 90 seconds to help people overcome their fear over driving electric vehicles. Musk demonstrated the technology for a crowd as well.
Musk has outlined a number of exciting plans for the company including the addition of battery charging stations around the country and the announcement of a small crossover compact sedan that will be released by 2017 according to Tesla.
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