Excluding one-time items such as $347 million in stock-based compensation, Tesla made $2.18 cents per share.
The company said its progress in the first half of the year has positioned it for success in the second half as production output continues to improve. Telsa also said it has picked a site for its second U.S. assembly plant, although the location wasn’t released. The Austin, Texas, area appeared to be the front-runner but Tulsa, Oklahoma, was a possibility.
The surprising profit, compared with a $408 million loss a year ago, pushed Tesla’s shares up 5.1% to $1,674.09 in after-hours trading. Tesla would have lost money, though, without $428 million it earned from selling electric vehicle credits to other automakers so they can meet government fuel economy and pollution regulations.
The company said its profit increased over the first quarter’s tiny $16 million because of “fundamental operational improvements.” But it issued a note of caution in its investor letter released Wednesday after the markets closed: “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.”
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