Tesla said in a letter to shareholders that it generated $21.88 million of net income, according to generally accepted accounting principals. That's compared to a $229.86 million loss for the same quarter in 2015.


The company says that because of the strong quarter, Tesla is still on track to deliver 50,000 cars in the second half of this year, and close to 80,000 cars for the full year.


The blockbuster quarter comes at a crucial time for Tesla as it's been spending heavily in an effort to grow its car manufacturing dramatically, from 80,000 cars this year to 500,000 cars by 2018. Tesla also plans to start delivering its next car, the Model 3, by the end of 2017.

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