Tesla Inc on Wednesday posted a second-quarter profit as cost cuts and strong deliveries helped offset coronavirus-related factory shutdowns, sending its stock up 4.4% in after-hours trading and clearing a hurdle that could lead to the electric carmaker's inclusion in the S&P 500 index .

Tesla said it earned net income of $104 million from April to June, or $0.50 per share, marking the first time the company has posted a profit for four straight quarters, a condition for it to be considered for the stock index of the largest U.S. companies.

The performance is a major accomplishment for Chief Executive Elon Musk, whose mission of leading the global auto industry into an electric future has frequently been questioned by investors who doubted Tesla's viability.

Its shares have gained more than 500% over the past year. Many analysts believe the rally has been fueled in part by expectations of Tesla's imminent inclusion in the stock index, which would unleash a flood of demand for shares.

Musk on a conference call on Wednesday said Tesla would prioritize growth over profit going forward and focus on making its vehicles more affordable.