Hyperdrive

Tesla Growth Is Musk’s Goal After Profit Opens Path to S&P

Investors send already-buoyant shares higher in late trading
Second U.S. auto plant will be built in Texas for Cybertruck

Watch: Ross Gerber, chief executive officer of Gerber Kawasaki Wealth and Investment Management, talks about Tesla Inc.'s results and outlook.(Source: Bloomberg)

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By Dana Hull and Edward Ludlow

July 22, 2020 at 4:31 PM EDT

Updated on

July 23, 2020 at 9:46 AM EDT

This article is for subscribers only.

Tesla Inc. managed to stay profitable even in the midst of a global pandemic, but something is still nagging at Elon Musk: the electric-car maker isn’t growing fast enough.

The positive quarterly earnings Tesla reported Wednesday were its fourth in a row, again surprising Wall Street analysts and possibly paving the way for its soaring stock to join the S&P 500 Index. But its chief executive officer is in no mood to let his foot off the accelerator, announcing the company will build another new vehicle-assembly plant in Texas and keep lowering the cost of its models.