It’s been a long time since Elon Musk has been so popular: Tesla has just suddenly taken a hundred million dollar profit storm, surprising Wall Street.

Electric car maker Tesla suddenly announced a quarterly profit of $ 342 million. This is really a big surprise because before that, Wall Street expected this company to lose about 257 million USD. Immediately, Tesla shares jumped up to 20% in yesterday's session.

The company's quarterly revenue was $ 6.3 billion – roughly the same as analysts' estimates. The total number of vehicles sold last quarter reached 97,000 units, down from Elon Musk's target of 100,000 units. However, this is a significant improvement from 95,200 and 63,000 units of the previous quarters.

As such, this is the first quarter that Tesla has been profitable since 2018. Prior to that, Tesla had reported profit only twice since the IPO in 2010 – one in 2013 and one in 2016.

Like the third quarter of 2018, CEO Elon Musk said months ago that the company was about to be profitable, but most analysts were suspicious … suspicious. CEO Elon Musk immediately shared the company's positive business results on his personal Twitter page:

Last year, Tesla struggled to meet Model 3 production targets – the company's first vehicle designed to go on sale at a starting price of $ 40,000.

Last year, Tesla expanded its overseas sales and spent heavily on a new factory in China in hopes of reaching a billion-dollar market.

"We have also significantly improved our cost and capital efficiency with new production lines. The factory in Shanghai was built 10 months ago and is now in operation. About 65% of the Model 3 production costs." will be more economical than producing in the US ".

Musk said the Shanghai factory would "serve as a model for future growth". The factory will also produce Model Y – a cheaper version of the Model X SUV.

If all this is done, "there is no doubt that next year there will be positive signals for the company," said Jeremy Acevedo, an analyst.