SAN FRANCISCO: Tesla Inc delivered a second straight quarter of blowout earnings and speedy execution, extending an unprecedented surge for its heavily shorted stock.

The record revenue Tesla reported on Wednesday beat estimates and carried the company to its fourth profit in the last six quarters. Chief executive officer Elon Musk again accelerated the introduction of the new Model Y crossover, saying deliveries will start by March, months earlier than initially planned.

Tesla soared as much as 14% to almost US$660 after the close of regular trading. The shares, which reclaimed the title of most-shorted American stock earlier this month, had already more than doubled since Musk reported a surprise profit in October and divulged the imminent opening of a new plant in China.

“The short story is eroding, ” said Gene Munster, managing partner of the venture capital firm Loup Ventures. He credited Musk for becoming a “quiet assassin” and sees Tesla having a clearer path to profitability.

The 48-year-old billionaire has thus far disproved predictions that Tesla will struggle to compete with the impending arrival of electric vehicles from established automakers. The Model 3 was the only EV consumers bought in significant volumes last year in the US, and in Europe it was the third-best seller among all models in December.

The Model Y, which Musk predicts will outsell all other Teslas combined, was initially scheduled to launch this fall. The company has moved up that date in each of its last two quarterly reports.

 - Bloomberg