Tesla overcame a seven-week pandemic-related shutdown at its California assembly plant to post a surprising US$104 million net profit for the second quarter. It was the electric car and solar panel maker’s fourth-straight profitable quarter, qualifying it to be included in the S&P 500 index of corporate titans. Local government restrictions forced Tesla to close its only U.S. 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. Excluding one-time items such as UA$347 million in stock-based compensation, Tesla made US$2.18 per share.

Source: The Standard July 23, 2020 00:33 UTC