Tesla made a profit of $104 million in the quarter despite the coronavirus-related closures, the company announced Wednesday.
It is Tesla’s fourth consecutive successful quarter and Tesla’s shares rose 5.7% to 1,682.99 on Wednesday after hours, according to the Associated Press.
The company also announced it will be building a $1 billion assembly plant near Austin, Texas.
“We’re going to turn it into a mind-blowing factory,” “Elon Musk Elon Reeve MuskHillicon Valley, Tesla CEO: Three arrested in a Twitter attack that Trump pushes to break TikTok” The Chamber approves 0M for Florida Teen Election Security, two other people arrested for primary piracy in Twitter’s Environmental Review Reform to build a cleaner and better future MORE said in a call to the convention with analysts following the publication of the company’s second quarter results, according to the statesman.
“It’s right on the Colorado River. So we will have a hike where there will be a hike and a motorcycle trail. It will necessarily be an ecological paradise: birds in trees, butterflies, fish in the stream. And also be open to the public, so closed and open only to Tesla,” he added.
The plant will employ 5,000 people, and wages at the factory will start at $35,000 annually, the Statesman reported.
The plant will produce Tesla’s upcoming Cybertruck electric van and serve as the time to build the electric vehicle manufacturer’s Model Y SUV, according to the newspaper.
Musk reportedly said the initial paintings on the site, which he said are five minutes from Austin-Bergstrom International Airport and about 15 minutes from downtown Austin, began last weekend.
Texas Gov. Greg Abbott (right) applauded Tesla regarding the company’s announcement of the new Travis County plant.
“Tesla is one of the most advanced and exciting corporations in the world, and we are proud to welcome your team to the state of Texas,” Abbott said. “Texas has the ultimate productive workforce in the country and we have built an economic environment that allows corporations like Tesla to innovate and succeed. Tesla’s Gigafactory Texas will be the most powerful Texas economy in the country and will create thousands of jobs for hard-working Texas.”
“I look forward to the tremendous benefits that Tesla’s investment will bring to Central Texas and to the entire state,” he added.
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