Tesla surprised Wall Street with a profit of $143 million in Q3, and it announced plans to ramp up vehicle production at its China factory sooner than expected. Deliveries of its Model Y SUV crossover will launch next summer, ahead of schedule, the company said.
Why it matters: Tesla's recent cash-losing streak is over, though the company turned a bigger profit in 2018's Q3. The electric car company also saw its first annual revenue drop since 2012, as it sells more of its lower-priced Model 3 vehicles and fewer higher-priced models.
Electric vehicles are getting more popular, yet there aren't enough charging stations installed where people spend their time (at home, at work, at the store, etc.) to support widespread adoption.
The big picture: California's Green Building Standards Code requires 6% of parking spaces in new non-residential buildings to be EV-capable.
It also mandates that 250,000 EV-capable charging stations be publicly available by 2025 — but the state is running far behind that goal with only about 22,000 charging outlets so far.
The U.S. is now exporting crude oil to more nations than it's importing from, the Energy Information Administration said in a new analysis out Tuesday.
Why it matters: The inflection point highlights the U.S. emergence as a crude export powerhouse and falling import reliance thanks to the domestic production surge.
Democratic Sen. Chris Coons (Del.) and Republican Sen. Mike Braun (Ind.) are launching the Senate Climate Solutions Caucus aimed at fostering bipartisan cooperation on climate change.
The big picture: Coons, in remarks to NBC News, laid out some areas of potential cooperation. "Bipartisan ideas already exist — from improving energy efficiency and investing in R&D to supporting energy security and workforce development," he said.
The Trump administration sued the state of California Wednesday to cease its emissions trading market, arguing it's unconstitutional for the Canadian province of Quebec to be its partner.
Why it matters, per Axios' Amy Harder: This lawsuit shows the federal government going on the offense, targeting a landmark state-level climate policy that’s been in place in the Golden State for many years.
Tesla, struggling to turn the corner to profitability, will report its Q3 earnings after markets close Wednesday.
The big picture: Delivering more cars — and the electric carmaker already announced a record quarter on that front — isn't yet a recipe for financial health, especially as the lower margin Model 3, the best-selling EV in the U.S., is increasingly its dominant product.
Elizabeth Warren's rise in the 2020 Democratic primary fight is forcing oil companies and analysts to grapple with the potential effects of the liberal Massachusetts senator winning the White House.
Why it matters: Warren, now challenging Joe Biden for frontrunner status, has pledged to halt hydraulic fracturing — the extraction technique that has enabled the U.S. oil and natural gas boom. She's also pledged to end new leasing on federal lands.
