Tesla's revenue was $3.4 billion in the first quarter of the year, better than analyst estimates, while its losses were less than expectations as the company said it made "significant progress" on ramping up production of the Model 3.
Why it matters: Tesla is under growing pressure to increase Model 3 production and stop hemorrhaging cash. The company said it made more than 2,000 Model 3s per week for 3 straight weeks during the quarter (below earlier estimates), but as it gets to 5,000 per week the company reiterated it will be profitable later this year.
After markets close, Tesla will report its first quarter earnings and then Elon Musk will hold a conference call where he's certain to face questions about the state of the Model 3 production.
Why it matters: The Silicon Valley automaker is under the microscope more than ever after repeatedly missing production targets for the mass-market car launched last year that's key to the company's future.
Why it matters: Despite big gains and cost reductions in renewables deployment as well as the expansion of carbon pricing, wringing CO2 out of the global economy on a large scale is not happening nearly fast enough to prevent highly dangerous levels of warming.
The EPA signaled last month that it would make good on a longstanding promise to roll back Obama-era vehicle fuel-economy standards, a historic bargain struck between the Obama administration, the auto industry and the state of California in 2010.
Why it matters: In response, California and 16 other states (plus the District of Columbia) fired a first shot across the bow on Tuesday, challenging the April announcement in court. This lawsuit portends a protracted legal fight over the future of the country's fuel-economy standards and the ability of states to set their own.
The state of play from Axios' Amy Harder, who argued last month that two factors might require a rewrite of the emissions regulations: Gasoline prices have dropped and revived Americans’ longstanding preference for pickup trucks and SUVs over smaller, more fuel-efficient cars, and the Obama administration also rushed a technical review of the standard in November 2016 after Trump’s surprise election victory.
U.K.-based global oil giant BP reported $2.6 billion in first quarter profits on the strength of higher oil prices and higher production, its biggest haul in three years and a rise of 71% from the same period in 2017.
Why it matters: BP is the latest Big Oil giant to report a jump in earnings as crude oil prices have climbed.
