Apr 29, 2020 - Economy & Business

Tesla's first-quarter earnings to provide glimpse at coronavirus impact on its business

Ben Geman, author of Generate
Data: Yahoo; Chart: Axios Visuals

Tesla, which dominates electric vehicle sales in the U.S. and has a growing global reach, will report its first-quarter earnings after markets close today.

The big picture: Bloomberg's preview of CEO Elon Musk's quarterly call tonight points out that Tesla's share price has been resilient despite production shutdowns from the coronavirus pandemic.

  • However, they also caution: "He’ll probably have to assure the market that his lone U.S. vehicle-assembly plant in California can resume production relatively soon and that customers who are quarantining now will be chomping at the bit to buy Model Y crossovers and Model 3 sedans once they re-emerge."

But, but, but: As Business Insider points out, the biggest coronavirus disruptions began well into Q1, so "the impact of those difficulties won't show up until the company adds up the second-quarter numbers."

  • "More pressing is how Tesla plans to ride out the remainder of Q2 and stay afloat through a gradual restart of the US economy in the second half of the year," they report.

Go deeper: What Tesla knows about you

Go deeper

Trump's week of viral quicksand

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Stories about President Trump's photo op at St. John's church after peaceful protesters were forcefully cleared from the area averaged the most online attention of any issue about the president this week.

Why it matters: Trump's force-over-compassion approach to the demonstrators protesting the murder of George Floyd had Republican allies backpedaling to keep a distance — and led to a wave of condemnations that got plenty of online traction on their own.

Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

Updated 11 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.