Tesla to join the S&P 500 Index while CEO Elon Musk pushes for growth

On Wednesday, Tesla Inc. (TSLA.O) posted its second-quarter profit worth $104 Million from April to June despite shutting down its electric vehicle factory in Fremont, California for roughly seven weeks due to the coronavirus pandemic.

Tesla Inc.’s shares rose by 4.4% in after-hours trading that could lead to the electric car maker’s inclusion in the S&P 500 Index (SPX).

Tesla’s Chief Executive Officer Elon Musk said during a conference call on Wednesday that the company would prioritize growth over profit.

“The thing that bugs me most right now is that our cars are not affordable enough, we need to fix that. I think we just want to be like slightly profitable and maximize growth and make the cars as affordable as possible. We need to, you know, not go bankrupt. Obviously, that is important but we’re not trying to be super profitable either,” Musk said.

The price of Tesla’s most popular vehicle, Sedan Model 3, starts at $37,990 in the United States.