Tesla turns a profit for the fourth quarter in a row a first for the company

Tesla turned a profit of $104 million in the second quarter of 2020 despite shutting down its electric vehicle factory in Fremont, California, for roughly seven weeks because of the COVID-19 pandemic. As a result, Tesla has now been profitable for four straight quarters for the first time in company history — an elusive benchmark the company has long sought.

But perhaps more importantly, Tesla says it has a “site selected” for its next Gigafactory in the US. During a call with investors, Tesla CEO Elon Musk announced the factory would be located in Austin, Texas. He described it as an “ecological paradise... with birds in the trees, butterflies, fish in the stream.” The factory will also be open to the public, he said.

The company is...

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