Tesla reported a wonderful gain in the second quarter on Wednesday, further expanding its movements by confirming ambitious targets for car deliveries in 2020 despite the coronavirus pandemic.
The automaker made $104 million in profits, compared to the losses of $408 million a year ago.
Revenue fell 5 percent to $6 billion.
The result paves the way for the high-end flight company run through Elon Musk to potentially enrolled in the S-P 500. A requirement for the prestigious Wall Street index is 4 successive successful quarters, which Tesla has already realized.
Tesla’s wonderful second quarter benefit positions you to potentially enroll in the S-P 500 Photo: AFP/STR
The stock rose 5.1% to $1673.79, the newest after a phenomenal period that boosted Tesla’s value to more than $1,000 consistent with this year’s steady percentage.
The electric car manufacturer said its operational functionality showed “strong resistance in those unprecedented times,” referring to the closure of its giant California plant for several weeks due to coronavirus.
Tesla said it is on track to increase production in the factories of California and Shanghai and that the operations of a low-structure plant in Germany “continue to grow.”
The company chose one for its next plant in the United States, but did not reveal the location.
“Production of our existing services continues to meet demand and we are adding more capacity,” Tesla said. “By the end of this year, we will build 3 plants on 3 continents simultaneously.”