US electric car maker Tesla said Wednesday that it doubled its third-quarter profit compared to the same quarter last year, while revenue came in less than analysts' expectations.

The electric car maker earned $3.29 billion in the three months to September, more than double the same time frame last year, Tesla said after the US stock market closed.

Revenue increased 56 percent to $21.45 billion, but remained below market expectations. Analysts had expected sales of about $22 billion. The stock initially fell 5% in after-hours trading.

Technology billionaire Elon Musk's company delivered nearly 344,000 electric cars in the third quarter, setting a new record.

However, it is uncertain whether the company will be able to meet its ambitious target of increasing deliveries in 2022 by 50% compared to last year.

To do so, Tesla will have to sell more than 1.4 million vehicles for the year as a whole and deliver more than half a million vehicles to customers in the last quarter.

This article was published on the Arab Turbo website