Tesla 'has only paid HALF of the $700,000-a-month rent at one of its New York showrooms since March and Elon Musk has asked to defer payments at other locations across the US' - despite profits being up 281%

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Tesla has only been paying half of the $700,000-a-month rent on one of its showrooms in New York, a new report claims just one day after the electric carmaker boasted a 281 percent profit increase in the second quarter.  

Insiders told Fox Business that eccentric Tesla founder and CEO Elon Musk has been working to defer rent payments at many of his 80 showrooms across the US during the coronavirus pandemic. 

At least one of the showrooms in New York declined to defer the rent, the sources said, so instead the company has only paid half of the full $2,800,000 its owed over the past four months.  

Musk - who became the fifth-richest person in the world this week as his net worth ballooned to $74billion, according to the Forbes - allegedly promised to pay off the debt in August, conveniently after Tesla posted second-quarter earnings that made it eligible to enter the S&P 500. 

Tesla CEO Elon Musk (pictured) has reportedly been trying to defer rent payment at many of his 80 showrooms across the US during the coronavirus pandemic

Tesla has only paid half of the $700,000-a-month rent at one of its New York showrooms since March, insiders claim. Tesla's showroom in Manhattan's Meatpacking District is pictured

The sources did not disclose which of the seven New York showrooms Tesla has failed to pay in full. 

Given the high price tag its possible that the showroom in question is the first and only one Tesla opened in Manhattan in 2017 - located at 860 Washington Street in the heart of the coveted Meatpacking District right next to the High Line.  

Leasing agents at the Washington Street location did not immediately return DailyMail.com's request for comment.  

Tesla's other New York showrooms are located in Brooklyn, Henrietta, Huntington Station, Manhasset, Mt Kisco and White Plains.  

DailyMail.com has approached the automaker's corporate office and Musk for comment about the alleged attempts to defer rent at showrooms nationwide. 

The claims sparked speculation that Tesla could have attempted to postpone payments in an effort to boost its bottom line in the second quarter. 

The sources did not disclose which of the seven New York showrooms at which Tesla has failed to pay rent in full. Given the high price tag its possible that the showroom in question is the first and only one Tesla opened in Manhattan in 2017 - located at 860 Washington Street in the heart of the coveted Meatpacking District right next to the High Line (pictured)

The automaker on Wednesday posted a second-quarter net income of $104million, or $0.50 per share, as cost cuts and strong deliveries helped offset coronavirus-related factory shutdowns. 

It marked the first time Tesla has posted a profit for four straight quarters, clearing a hurdle that could lead to its inclusion in the S&P 500 index. 

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

Tesla's shares, which have gained more than 500 percent over the past year, jumped another 4.4 percent in after-hours trading on Wednesday.  

Many analysts believe the rally has been fueled in part by expectations of Tesla's imminent entrance into the stock index of the largest US companies, which would unleash a flood of demand for shares.

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

'The thing that bugs me most right now is that our cars are not affordable enough, we need to fix that,' Musk said.

'I think we just want to be like slightly profitable and maximize growth and make the cars as affordable as possible.'

The price of a Model 3 sedan, its most popular vehicle, starts at $37,990 in the United States. 

Tesla on Wednesday posted a second-quarter net income of $104million, marking the first time the electric automaker has posted a profit for four straight quarters and clearing a hurdle that could lead to its inclusion in the S&P 500 index

Musk also announced that Travis County, Texas, which includes Austin, would be the site of Tesla's new factory. The area had been competing with Tulsa, Oklahoma, for the new plant, which promises to create at least 5,000 jobs.

Musk said the factory would produce Model 3 and Model Y vehicles for the Eastern United States, as well as a new semi-truck called the Tesla Semi and the carmaker's futuristic Cybertruck.

Tesla on Wednesday affirmed its goal to deliver at least half a million vehicles by the end of 2020 despite production interruptions, including the shutting of its California factory for nearly six weeks of the quarter on orders of local authorities. 

The company delivered more than 90,000 vehicles in the second quarter, surpassing analyst expectations.

'While achieving this goal has become more difficult, delivering half a million vehicles in 2020 remains our target,' the company said.

On the investor call Musk said that the real limitation to Tesla's growth is battery cell production at an affordable price, and said the company would expand its business with Panasonic Corp and China's Contemporary Amperex Technology (CATL).

Tesla will introduce new low-cost, long-life batteries in its Model 3 sedan in China later this year or early next, Reuters reported previously.

Tesla's second-quarter profit came as cost cuts and strong deliveries helped offset coronavirus-related factory shutdowns. The company's flagship plant in Fremont, California, is pictured after it reopened back in May 

Tesla's second-quarter revenue fell to $6.04billion from $6.35billion a year earlier, but surpassed analyst expectations for revenue of $5.37billion, according to IBES data from Refinitiv.

Tesla reported $5.18billion in second-quarter automotive revenue, but its share of income from regulatory credits - payments the company receives from other carmakers to offset emissions - increased to $428 million from $354million in the first quarter.

That revenue could dry up as more manufacturers develop and sell electric cars, but many rivals are still focused on reaping the high profit margins from fuel-guzzling trucks and SUVs.

'Right now in the EV market, it's Tesla's world and everyone else is paying rent, a dynamic shown front and center this quarter,' Dan Ives, a Wedbush analyst, said in a note.

Tesla's rapid rise to become the world's most valuable carmaker could mark the start of a new era for the global auto industry, defined by a Silicon Valley approach to software that is overtaking old-school manufacturing know-how.

The company said higher income from those regulatory credits in combination with temporary employee salary cuts during the pandemic and $48million in deferred revenue from its yet-to-be-released self-driving feature offset the cost of factory shutdowns.

Musk became the fifth-richest person in the world this week as his net worth ballooned to $74billion, according to the Forbes

Musk on Tuesday qualified for a payout worth an unprecedented $2.1billion, his second jackpot since May from the electric car maker following its massive stock surge.   

The 49-year-old secured his place as the fifth-richest person in the world on Monday as his net worth hit $74billion thanks to Tesla's ongoing stock rally. 

Musk's worth has tripled over the course of the coronavirus pandemic. In mid-March he was ranked number 31 on Forbes rich list with a net worth just under $25billion.  

He now falls behind only Facebook founder Mark Zuckerberg, who is fourth richest, Microsoft's Bill Gates in third, Bernard Arnault in second and Bezos, who is the world's richest man.   

Tesla is now worth more than General Motors, Ford, BMW and Ferrari combined and has surpassed every rival to become the world's highest-valued automaker. 

Shares in the company, of which Musk owns 21 percent, hit $1,643.00 on Monday - a 300 percent increase since January 2020 and up 60 percent since the end of June.

Asked by Forbes about his wealth, outspoken Musk, who is also the CEO of SpaceX, said: 'I really couldn't care less. These numbers rise and fall, but what really matters is making great products that people love.'