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Global expansion and Model Y (2019–present)
From July 2019 to June 2020, Tesla reported four consecutive profitable quarters for the first time, which made it eligible for inclusion in the S&P 500.[57] During 2020, its share price increased 740%,and by December 14, 2020, its market capitalization was more than the next nine largest automakers combined,and it became the sixth most valuable company in the US.[60] Tesla was added to the S&P index on December 21, 2020;[61] it was the most valuable company ever added, and was the sixth-largest member of the index immediately after it was added.
Tesla introduced its second mass-market vehicle in March 2019, the Model Y mid-size crossover SUV, based on the Model 3. Deliveries started in March 2020.
During this period, Tesla invested heavily in expanding its production capacity, opening three new Gigafactories in quick succession. Construction of Gigafactory Shanghai started in January 2019, as the first automobile factory in China fully owned by a foreign company (not a joint venture).[66] The factory's first production vehicle, a Model 3, rolled out in December, less than one year after groundbreaking.[67] Gigafactory Berlin broke ground in February 2020, and its production of the Model Y began in March 2022. Gigafactory Texas broke ground in June 2020, and its production of the Model Y began in April 2022. In March 2023, Tesla announced plans for a Gigafactory Mexico to open in 2025,[72] but its groundbreaking has been delayed.
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