(Bloomberg) — Tesla Inc. shares climbed in early trading after the carmaker reported surprisingly strong earnings and forecast as much as 30% growth in vehicle sales next year.

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Third-quarter results were buoyed by Tesla turning a corner with the Cybertruck, which contributed to profit for the first time. Lower material costs, an expanding energy business and sales of regulatory credits to automakers that need help complying with emissions standards also contributed to Tesla’s biggest quarterly profit in more than a year.

Chief Executive Officer Elon Musk offered an upbeat outlook for next year, driven by the rollout of more affordable models that Tesla has yet to identify. “Something like 20% to 30% growth next year is my best guess,” he said on a call with analysts.

Tesla shares jumped 11% as of 5 a.m. Thursday in New York, before the start of regular trading. The stock had fallen 14% this year through the close Wednesday, having slumped in the weeks since Musk unveiled self-driving taxi and van prototypes.

Musk is betting Tesla’s future on autonomy, having scrapped plans for a new vehicle that was going to be cheaper than the Model 3 sedan. By reporting an uptick in profitability and optimism about next year, the CEO assuaged concerns that Tesla’s core business will continue slipping while he prioritizes a years-long pursuit of self-driving technology.

“Investors who wanted something today got better-than-expected profit and guidance for growth in deliveries,” said Gene Munster, managing partner of growth-investment firm Deepwater Asset Management. “The long-term investors got the golden carrot.”

Musk spent a brief portion of the earnings call floating what he might do in a second Trump administration.

After calling for a federal approval process for autonomous vehicles, the Tesla CEO said he would “try to make that happen” if appointed to a government-efficiency role that he and Republican nominee Donald Trump first discussed in August. The billionaire has backed the candidate by pouring $75 million into a super political action committee he created earlier this year.

Tesla projected “slight growth” in vehicle deliveries this year, which will require a record showing in the fourth quarter after sales slumped in the first half.

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