Tesla growth continues despite economic upheaval

Publishedduration22 JulyshareSharenocloseShare pagelinkCopy linkAbout sharingimage copyrightGetty Imagesimage captionTesla boss Elon Musk

Electric car maker Tesla has shrugged off the economic upheaval caused by the pandemic to report its fourth quarterly profit in a row.

The California company earned $104m (£82m) in the three months to 30 June, with the growth setting it on course for inclusion in the S&P 500.

That means Tesla's shares, already surging, will see even more demand from investors who track the index.

The stock crested higher in after-hours trading on publication of the results.

Tesla said its bottom line was helped by salary cuts as well as the opening of its new factory in China, where costs are lower.

Boss Elon Musk said the firm is focused on growth, with other plants in the works, including one in Germany and a new one he announced would be located near Austin, Texas.

"I've never been more excited and optimistic about the future of Tesla in the history of the company," Mr Musk said.

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