The most valuable automaker in the world, Tesla has released its quarterly report of Q2 2020, announcing a net profit of $104m in the quarter to June. The report is as marvelous as one would expect from the most valuable car maker in the world, and is a proof that Elon Musk has what it takes to bypass even a global tragedy.

The company reported a total revenue of $6.036 billion in the quarter, up from $5.985 billion in the last quarter. Compared to the $6.350 billion in 2019, the figure just slipped by about 5 percent over the year, which is a remarkable achievement, considering how coronavirus had shut down its biggest facility, the Fremont factory, for a large part of the quarter. The total revenue also beats analysts’ estimates by about $1 billion, defying all odds and achieving growth despite the fall in market and disrupted supply lines.

“In Q2, total revenues remained relatively flat QoQ. The positive impact of higher vehicle deliveries, higher regulatory credit revenue and higher energy generation and storage revenue was somewhat offset by lower vehicle average selling price (ASP) and lower services and other revenue,” Tesla said at its earnings call, still unfulfilled by its performance.

Talking about growth, the company saw its profit rising to $104 million, in contrast to the $16 million last quarter, and better yet, the $408 million loss in Q2 2019. This was over a gross profit of $1.267 billion. This also saw the 4th consecutive quarter of profitability for Tesla, a logic defying feat, which has filled Tesla with the confidence of announcing a new gigafactory in Austin Texas, U.S. , the preparations of which are now underway.

“Our business has shown strong resilience during these unprecedented times. Despite the closure of our main factory in Fremont for nearly half the quarter, we posted our fourth sequential GAAP profit in Q2 2020, while generating positive free cash flow of $418M,” the company said. It went on to add, “Our operating profit improved in Q2 despite challenging circumstances. Positive impacts included lower operating costs due to a temporary reduction in employee compensation expense, a sequential increase in regulatory credit revenue and deferred revenue recognition of $48M related to a Full Self Driving (FSD) feature release. These positive contributions were offset by significant costs related to factory shutdowns, as well as a sequential increase in non-cash SBC expense primarily attributable to $101M related to 2018 CEO award milestones.”

Moreover, the company’s total assets grew to $38.135 billion, which when compared to last year’s numbers of $31.873 billion, explains the company’s skyrocketing trajectory, and how it has managed to thrive despite a global pandemic.

“Our profit improved sequentially due to fundamental operational improvements. Additionally, we experienced costs associated with factory shutdowns, which were offset by actions taken during the quarter to reduce expenses. For the trailing 12 months, our GAAP operating margin reached nearly 5%. We expect our operating margin will continue to grow over time, ultimately reaching industry-leading levels,” Tesla said.

The company is hopeful for the future, and explains that the production output of its facilities is perpetually increasing, to meet the customer demand. “Later this year, we will be building three factories on three continents simultaneously.”

The announcement caused Tesla’s shares to rise 4% in after hours trading.