Tesla shares up 17% to $12.50

Tesla shares surged up 17 percent on Tuesday, as the automaker reported a better-than-expected quarterly profit and reported strong sales.

Tesla shares jumped 1.6% to a record high of $12,619.46 after Tesla reported a $2.6 billion profit.

Tesla also reported that the cost of building the Model X SUV had fallen to about $25,000, which is lower than the cost it paid for it in the U.S.

The company reported that it expected to deliver about 1,000 vehicles per week by the end of 2020, which was a slight increase from the 1,400-to-1,500-per-week average it has reported in the past two quarters.

The Model X is expected to have a price tag of $57,000 in the United States.