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Elon Musk

Tesla's 3Q loss widens, but shares rise on production

Tesla Motors' net loss more than tripled in the third quarter as expenses and research costs rose, but investors cheered news that the company expects to meet or exceed its production targets this year.

The Palo Alto, California-based electric car maker said it expects to produce between 50,000 and 52,000 vehicles this year. That's lower than the target of 55,000 it set earlier this year, but meets an updated forecast the company provided in August. Tesla shares rose almost 10 percent in after-hours trading.

Tesla's loss of $229.9 million, or $1.78 per share, compares to a loss of $74.7 million, or 60 cents per share, in the July-September period a year ago.