Tesla reported a much bigger than expected increase in profits, despite a series of price cuts that trimmed the amount of revenue per vehicle sold.

Tesla reported adjusted earnings of $3.1 billion, or 91 cents a share, up 20% from the second quarter last year. Analysts surveyed by Refinitiv had forecast earnings of 82 cents a share. Its profit margin was also better than expected.

This is a developing story and will be updated...