Tesla's third-quarter deliveries came in above expectations, signaling that the company's core business is stabilizing amid challenges in the electric vehicle market.

According to a statement released Friday, the automaker delivered 486,532 vehicles globally in the quarter. By comparison, the analyst consensus estimate was 463,761. The results are a significant boost for Tesla Motors (NASDAQ: TSLA), which had endured a period of declining vehicle sales and lagging stock performance, pressured by competition and weak U.S. demand. Chief Executive Officer Elon Musk is pushing to pivot Tesla toward future business areas such as artificial intelligence, driverless cars, and humanoid robots.

Third-quarter deliveries declined compared with the same period last year. Tesla delivered a record 497,099 vehicles in last year's third quarter, when consumers rushed to buy before the expiration of federal incentives in the United States. Even so, Wall Street expects Tesla Motors (NASDAQ: TSLA) to achieve slight sales growth this year after two consecutive years of declines.

Tesla Motors (NASDAQ: TSLA) shares rose more than 4% in early trading Friday. Although the stock is down this year, it has rebounded in recent weeks on market speculation that Musk might merge Tesla with SpaceX, the rocket manufacturer he also leads.

The automaker is on track to spend more than $25 billion this year to expand factories and build a robotaxi business. The company said in a filing this week that it has raised $30 billion in new loans and credit lines to support growth.

Tesla Motors (NASDAQ: TSLA) recently discontinued the higher-priced Model S and Model X, narrowing its product lineup. It currently sells three consumer-facing models: the hugely popular Model Y and Model 3, as well as the controversial Cybertruck.