Tesla’s stock soared Thursday after the organization reported its fourth direct quarterly profit for the first time.
Elon Musk’s electric car company reported a net revenue stream of $104 million for the 3 months ending June 30, a sharp replacement for its $408 million net loss in the last quarter of 2019.
Its auto revenue fell by 4% year-on-year to less than $5.2 billion as the coronavirus pandemic landed on car sales. However, this was more than offset by revenue of $428 million from the sale of regulatory credits, compared to $111 million at the same time last year.
Tesla’s 4 consecutive successful quarters make it eligible for inclusion in the S-P 500. Joining the benchmark promises to expand its shareholder base given the huge number of institutional and budgetary follow-up investors for their exposure.
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The group’s percentage value has more than tripled this year and is trading near its all-time high at the end of Wednesday.
Musk also announced Wednesday that his company will build its fourth plant in the United States near Austin, Texas. He will manufacture Cybertrucks and Tesla Semis at the factory, as well as the Y and Model 3 models for East Coast customers, he added.