DETROIT: Tesla overcame a seven-week pandemic-related shutdown at its California assembly plant to post a surprising $104 million net profit for the second quarter. Local government restrictions forced Tesla to close its only US assembly factory in Fremont, California, from March 23 to May 11. Even with no production, the company paid roughly 10,000 workers for part of the shutdown and Tesla continued health care and other benefits. The profit, compared with a $408 million loss a year ago, pushed Tesla’s shares up 5.7 percent to 1,682.99 in after-hours trading Wednesday (Thursday in Manila). Also Wednesday, Tesla said it has picked the Austin, Texas, area as the site for its second US assembly plant.

Source: Manila Times July 23, 2020 16:28 UTC