Lately, things have really been looking up for Tesla. They crushed delivery expectations in Q2 with over 90,000 units shipped. TSLA shot up, but people were still speculating whether they would be able to achieve profitability in Q2. The numbers are in, and Tesla has delivered an absolutely shocking performance in Q2.

Tesla has pulled in $104 million GAAP net income. This marks their 4th consecutive profitable quarter, making them eligible for inclusion in the S&P 500 and getting Elon Musk 1 step closer to his massive compensation package. That is only 4% lower than their Q2 income last year.

With lockdowns affecting production and demand for cars at an all-time low, it’s amazing how Tesla almost seems unaffected by this pandemic. While every other auto manufacturer in the world is struggling, Tesla continues to grow.

They have successfully ramped up Model Y production to full capacity. This has happened far quicker than it did for the Model 3 despite shutting down the Freemont factory right as they got the ball rolling. They are installing additional machinery at the Freemont factory to increase Model 3/Y production to 500,000 cars a year.

They have made significant progress on the construction of the Berlin Gigafactory using the lessons they’ve learned building earlier factories. And as has been rumored, a site has been selected for Tesla’s next US factory and preparations are underway. And operations at the Shanghai Gigafactory have been going smoothly with the Model 3 becoming the best selling EV in China.

Tesla honestly seems unstoppable right now. A few months ago I was seriously worried that this pandemic could halt the momentum EVs have gained over the past few years. But it seems like Tesla was in such an amazing position that despite facing major obstacles they’re able to hold their stride. Tesla cautions about being too overly optimistic though:

Although we have successfully ramped vehicle production back to prior levels, it remains difficult to predict whether
there will be further operational interruptions or how global consumer sentiment will evolve in the second half of 2020. We will continue to update our outlook as necessary.

Any number of things could change to halt Tesla’s rise. With such an uncertain global economic situation this is to be expected. But if things do continue as they are now, very little will be able to slow Tesla’s growth for years to come.

We hope you enjoyed reading! Let us know your thoughts in the comments down below. And make sure to follow our social media up top for all the latest electric vehicle news!

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