Tesla delivered a strong third-quarter earnings report after the bell on Wednesday, posting a surprise profit and telling shareholders it is ahead of schedule with a new factory in Shanghai. Shares spiked more than 20% after hours, putting them at their highest price since February. Here's what the results were versus analysts' expectations: Adjusted earnings per share of $1.86 vs. expected losses of 42 cents per share

Revenue of $6.3 billion, vs. expected $6.33 billion, according to Refinitiv consensus estimates The electric car maker gave investors plenty to look forward to next year. It released a glossy 28-page investor update filled with photos from its new factory in Shanghai where Tesla said it's already begun trial production runs. The company also said it was ahead of schedule on its long-awaited Model Y crossover, which it now expects to launch by next summer. At the same time, Tesla says it is planning to make a limited run of its Tesla Semi truck next year, and hopes to soon announce the location of its European Gigafactory, where it aims to begin making electric vehicles in 2021.

A photograph of the new Tesla paint shop in the Shanghai Gigafactory provided by the company in its Q3 2019 earnings release. Tesla

In its Q3 2019 Update, Tesla said: "Gigafactory Shanghai was built in 10 months and is ready for production, while it was ~65% less expensive (capex per unit of capacity) to build than our Model 3 production system in the US."

A photo of general assembly in Tesla's new Shanghai Gigafactory, provided by the company with its Q3 2019 earnings release. Tesla