Tesla unexpectedly reports second-ever quarterly profit

US car-maker Tesla surprised many on Wednesday after it posted its second-ever quarterly profit, despite analysts estimating that it would record another loss.

Strong sales of its electric cars propelled Elon Musk's company to a $22m profit, or 14 cents per share, for the quarter to September. Tesla had previously posted 12 consecutive quarterly losses.

That figure marked a rise of 145% from the corresponding quarter in 2015, and comfortably exceeded analysts´ predictions of a 3 cents per share loss.

CEO Musk has said that the company is targeting increased production of vehicles, to as many as 500,000 cars in 2018. Last year, Tesla produced only 50,000.

Tesla shares spiked almost 6% in after-hours trading to $214.83 on the news, before levelling off at $211.

Investors have been sceptical thus far of the proposed merger between Tesla and another Musk-controlled company, SolarCity. The solar energy firm is another struggling Musk project, but Tesla's latest earnings could show investors that it is in a strong position to perform the integration.

"One of the criticisms I've seen out there is that perhaps Q3 was at the expense of Q4—this is not true," Musk told analysts. "We are headed to have a great fourth quarter."

Musk also added in the earnings report that Tesla was completely ready for the SolarCity merger.

"We look forward to making solar as compelling as electric vehicles," he said.