Tesla turns a profit for the fourth quarter in a row — a first for the company

Illustration by Alex Castro / The Verge

Tesla turned a profit of $104 million in the second quarter of 2020 despite shutting down its electric vehicle factory in Fremont, California, for roughly seven weeks because of the COVID-19 pandemic. 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.

But perhaps more importantly, Tesla says it has a “site selected” for its next Gigafactory in the US. The company is on track to receive several tax incentive packages from local authorities in Austin, Texas, though it has been in talks with Tulsa, Oklahoma. Wherever the factory lands, Tesla will use it to build the Cybertruck and more Model Y SUVs. “The next US Gigafactory site has…

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Author: Sean O’Kane