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July 23, 2020 12:45 am

Tesla Turns a Profit For the Fourth Quarter In a Row, Chooses Austin For Next Gigafactory

Tesla turned a profit of $104 million in the second quarter of 2020. "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," reports The Verge. The company also announced it will build its newest Gigafactory near Austin, Texas. CNBC reports: The area takes up about 2,000 acres and will be roughly 15 minutes from downtown Austin, Musk said. He said the factory will be an "eecological paradise" and that it will be open to the public. "We're going to make it a factory that is going to be stunning it's right on the Colorado River. So we're actually going to have to have a boardwalk over you, hiking, biking trail. It's going to basically be an ecological paradise," Musk said. The site will be used to build the company's Cybertruck, its Semi and the Model 3 and Model Y for the eastern half of North America, Musk said. Musk also added that Tesla will continue to grow in California, where it will build the Tesla Model S and the Model X for global deliveries and the Tesla Model 3 and Tesla Model Y for North America. Travis County, where the new car plant will reside, voted earlier this month to give Tesla tax breaks worth a minimum of $14.7 million to build the plant to bring jobs to the area. Tesla employs about 10,000 people at its only U.S. car plant today in Fremont, California. The Verge reports on the finances: Tesla kept its finances in the black by selling 90,650 vehicles this past quarter even with that factory shutdown -- an increase over its first quarter pace of 88,000 cars delivered but still below the company's record of 112,000 in the fourth quarter of 2019. This helped the company generate $6 billion in revenue, buoyed by $370 million in energy storage sales and $487 million in services revenue. Elon Musk has promised that his company will deliver 500,000 vehicles by the end of 2020, and the company maintains that is still possible. Tesla says it's 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."

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