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Tesla rides high on cost savings from China's Gigafactory

Global electric vehicle leader on track to generate profit from carmaking

PALO ALTO, U.S. -- Tesla reported a significant jump in its third-quarter earnings, a testament to the success of its mass-production strategy in China that has enabled the carmaker to rely on local suppliers and slash procurement costs. 

The electric-car maker reported a net income of $331 million for the July-September period, a 130% surge from a year earlier. "I think I've never felt more optimistic about the future of Tesla than I do today," a euphoric CEO Elon Musk said in the earnings announcement Wednesday.

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