Tesla News: Electric Car Company Reports More Than $1 Billion In Profit For Q2

Tesla (TSLA) on Monday reported more than $1 billion in profit for its quarterly earnings, a net income 10 times higher than last year.

Elon Musk’s electric vehicle company also almost doubled its vehicle sales in the second quarter.

“Public sentiment and support for electric vehicles seems to be at a never-before-seen inflection point,” Tesla wrote in its second-quarter letter to investors.

The California-based automaker is benefiting from the recent demand surge in electric vehicles.

Demand is already increasing in Europe and China, the world’s two largest markets for electric vehicles. In the U.S., electric car sales doubled during the first half of this year, with Tesla dominating the market, NBC News reported.

Tesla has experienced a few challenges this year, including a shortage of its microchips. Despite these difficulties, it still reported that its production topped 206,000 vehicles during the second quarter, despite the shortage.