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Tesla Turns A Profit In Q2, Qualifying For S&P 500; 2020 Delivery Goal 'More Difficult'

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Tesla Turns A Profit In Q2, Qualifying For S&P 500; 2020 Delivery Goal 'More Difficult'

Tesla Inc (NASDAQ: TSLA) posted second-quarter GAAP earnings per share of 50 cents Wednesday, marking the electric automaker's fourth profitable quarter and making it eligible for inclusion in the S&P 500 index. 

Tesla's Q2 Results: Tesla reported adjusted EPS of $2.19 and sales of $6.04 billion that beat the Street's $5.23-billion estimate. 

The automaker had a 5% operating margin in the quarter. 

Tesla's cash and cash equivalents increased by $535 million to $8.6 billion in the quarter, with free cash flow of $418 million, according to the automaker. 

Tesla produced 82,727 vehicles in the second quarter — a decrease of 20% sequentially and 5% year-over-year — and delivered 90,891. 

Tesla Going Forward: The automaker said it has the capacity to top 500,000 vehicle deliveries in 2020 despite the production interruptions from the coronavirus pandemic. 

"While achieving this goal has become more difficult, delivering half a million vehicles in 2020 remains our target," according to the Tesla report. 

With Model Y capacity being added at the Gigafactories in Berlin and Shanghai, Tesla said it is on track to begin deliveries from those factories in 2021. 

The automaker said it has selected the next U.S. Gigafactory site, although it did not name the location Wednesday. 

Deliveries of the Tesla Semi will start in 2021, according to the automaker. 

TSLA Price Action: Tesla shares were rallying 5.13% higher to $1,674 in Wednesday's after-hours session. 

The stock has a 52-week high of $1,794.99 and a 52-week low of $211.

Dustin Blitchok contributed to this report. 

The interior of the Model Y factory in Shanghai. Photo courtesy of Tesla. 

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