Tesla reports $104M profit in Q2 before choosing Texas as its next $1B gigafactory location
The Tesla Cybertruck is unveiled at Tesla's design studio Thursday, Nov. 21, 2019, in Hawthorne, Calif. CEO Elon Musk is taking on the workhorse heavy pickup truck market with his latest electric vehicle.
Musk praised Tesla's staff for "exceptional execution" during a period that included the weeks-long closure of its California plant due to the coronavirus pandemic and said he looked forward to "continue scaling" Tesla up to enable production levels closer to that of conventional auto giants. The company said delivering 500,000 autos this year "remains our target," effectively reinstating its forecast after withdrawing the figure this spring amid the peak of US coronavirus shutdowns.
Tesla will build on a 85-hectacre site in Travis County near Austin and will get more than $60 million in tax breaks from the county and a local school district over the next decade. State incentives also are possible for the plant, which will be over 4 million square feet.
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