Business Briefs – October 27, 2016

Tesla Surprises With 3Q Profit

DETROIT (AP) – Electric car maker Tesla Motors has posted its first quarterly profit in three years.

Tesla reported net income of $22 million, or 14 cents per share, in the third quarter, up from a loss of $229 million in the July-September period a year ago. Revenue more than doubled to $2.3 billion.

Tesla last made a profit in the first quarter of 2013.

The results surprised Wall Street, which forecast a loss of 86 cents per share, according to analysts polled by FactSet. Analysts had expected revenue of $2.2 billion.

Sales of New Homes Rose 3.1 Percent In September

WASHINGTON (AP) – More Americans bought new homes in September, a sign that demand remains solid despite a shortage of properties on the market.

New-home sales advanced 3.1 percent last month to a seasonally adjusted annual rate of 593,000, the Commerce Department said Wednesday. The gains were concentrated in the Northeast, Midwest and South, as sales tumbled last month in the West.

So far this year, sales have increased 13 percent compared to the same period in 2015.

Toyota Adds 5.8M Vehicles To Global Takata Recall Total

DETROIT (AP) – Toyota is recalling about 5.8 million vehicles in Japan, Europe, China and other countries to replace potentially deadly Takata air bag inflators.

The company says it knows of one person injured in a crash involving one of the vehicles but it hasn’t determined if the injury was caused by a ruptured inflator.

The vehicles have inflators that can rupture and spew shrapnel. U.S. vehicles with the same inflators are already under recall.

Toyota says the recall brings to 23.1 million the total number of vehicles it has recalled worldwide to fix inflators.

Ford Recalls Nearly 412K SUVs to Fix Fuel Leaks

DETROIT (AP) – Ford is recalling nearly 412,000 older SUVs worldwide to fix fuel leaks that could cause fires.

The recall covers certain 2010 to 2012 Ford Escapes and 2010 to 2011 Mercury Mariners with 3-liter flex-fuel V6 engines.

A company statement says it’s not aware of any accidents, fires or injuries caused by the problem.