Tesla has announced its Q2 2020 earnings today, announcing $104 million in net income for the quarter, which means the company now has had four straight quarters of profits.
The electric vehicle company reported $6.04 billion in total revenue, beating Wall Street expectations of $5.37 billion, reports Tesla North. With four straight quarters of profitability, Tesla can now be considered to join the S&P 500 index.
This also marked the first full quarter of sales of Tesla’s latest vehicle, the Model Y compact SUV. The company produced 82,272 cars for the quarter and saw 90,891 deliveries.
“Although the Model Y production line was operating for about four months in the first half of 2020 due to shutdowns, we exited Q2 with Model Y production running at installed capacity. This ramp was significantly faster than our initial Model 3 ramp, which took over nine months to reach the same weekly rate. We are installing additional machinery at the Fremont Factory, which is expected to increase total Model 3 / Model Y capacity from 400,000 to 500,000 units per year,” explains Tesla in its earnings release.
The company still says it has the capacity to deliver over 500,000 vehicles this year, despite the effects of COVID-19 lockdown measures in California. “While achieving this goal has become more difficult, delivering half a million vehicles in 2020 remains our target,” said Tesla.
Tesla also confirmed it had selected the site for its next U.S. Gigafactory and “preparations are underway,” without revealing the city or state. The company’s Semi commercial truck will start delivering in 2021. The company’s Gigafactory in Shanghai looks ready to make Model Y, while the factory in Berlin is under construction.
As of writing, shares of Tesla are trading at $1,660 after-hours, up over 4%.