Tesla beat analysts’ expectations with its third-quarter results, improving investor sentiment that has lagged since the disappointing launch of the company’s robotaxi prototype earlier this month.

Tesla reported net income of $2.2 billion in the quarter ended Sept. 30, up 17% from the same quarter last year. Operating income rose 54% to $2.7 billion, with an operating margin of 10.3%.

The company reported lower costs per vehicle sold, including lower raw material costs, freight and tariffs, as well as the impact of ongoing cost reduction efforts. Vehicle deliveries also rose 6% to 462,900 units, helping Tesla’s third-quarter revenue rise to $25.2 billion, up 8% from the year-ago quarter.

Tesla said its cost of goods sold (COGS) per vehicle fell to its lowest level ever at around $35,100.

While the recent quarterly results were interpreted as relatively good news for Elon Musk’s company, they followed disappointment over the launch of the Cybercab robotaxis earlier this month. Some analysts claim that the Robotaxi project will be less profitable – or the profits will be further into the future – than perhaps a lower-priced, higher-volume Tesla car based on current technology would be.

“Tesla achieves profit growth on higher sales and lower costs” was originally created and published by Just Auto, a brand owned by GlobalData.

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