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Tesla said Wednesday night it delivered 63,000 cars during the first quarter, less than the 76,000 analysts expected, and 30% fewer cars than the prior quarter. Production of its Model 3, S and X models — which came in at 77,100 vehicles, more than the fourth quarter — outpaced deliveries, the company said, thanks to longer transit times to customers in Europe and China.

What's next: The company warned that "lower than expected delivery volumes and several pricing adjustments," would hurt the company's profits — expected to be released next month. CEO Elon Musk already dialed back expectations that Tesla would turn a a profit in the first quarter.

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Joe Biden will no longer travel to Milwaukee for Democratic convention

Photo: Mark Makela/Getty Images

Joe Biden will no longer be traveling to Milwaukee the week of Aug. 17 to accept his nomination in person at the Democratic National Convention due to COVID-19 concerns, the DNC announced Wednesday.

Why it matters: No planned speakers will travel to Milwaukee, meaning that the convention will be entirely virtual — unlike the hybrid event that the party had previously been planning. Biden will accept the nomination from his home state of Delaware.

Updated 55 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 18,579,615 — Total deaths: 701,544 — Total recoveries — 11,173,262Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 4,773,775 — Total deaths: 156,8874 — Total recoveries: 1,528,979 — Total tests: 58,239,438Map.
  3. Public health: Moderna skirts disclosures of coronavirus vaccine costs — There’s not much good news about kids and coronavirus.
  4. Business: Auto sales may have turned a corner.
  5. Sports: The return of high school sports hangs in the balance — UConn becomes first FBS team to cancel its football season.
  6. Education: Chicago Public Schools to begin school year with fully remote classes.

Why the employee retention credit is an overlooked stimulus issue

Illustration: Eniola Odetunde/Axios

D.C. remains deadlocked on the next stimulus package, days after extended unemployment benefits ended and days before PPP is set to expire.

Where it stands: One unresolved issue that hasn't gotten enough attention is a proposed expansion of the employee retention credit, which could have a significant impact for companies that have experienced severe revenue declines.