Tesla reported Wednesday that its third-quarter profit more than doubled from a year ago, fueled by higher vehicle sales.

The Austin, Texas, electric vehicle and solar panel maker said it earned $3.29 billion from July through September.

Excluding special items, the company made $1.05 per share, beating Wall Street estimates of $1 per share, according to data provider FactSet. Revenue rose 56% to a record $21.45 billion, but fell just short of estimates averaging $21.98 billion.

Tesla stuck with its prediction of 50% annual vehicle sales growth over a “multi-year horizon,” appearing confident that demand will remain strong.

“The rate of growth will depend on our equipment capacity, factory uptime, operational efficiency, and the capacity and stability of the supply chain,” the company said.

But it will take a stellar fourth-quarter sales performance to reach the 50% goal.

Earlier this month, Tesla reported vehicle sales that rose 35% for the July-September period compared to the second quarter as the company’s huge factory in China got past supply chain issues and pandemic restrictions.

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