Photo: Beata Zawrzel/NurPhoto via Getty Images

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.

Flashback: Tesla reported a net loss of $408 million in Q2. CEO Elon Musk said at the time that he expects to be "around breakeven" in Q3 and profitable in Q4.

Where it stands: Per MarketWatch, analysts polled by FactSet predict an adjusted loss of 46 cents per share. And they also report that for "the first time in more than a decade, Tesla is looking at a year-over-year dip in quarterly revenue."

What we're watching: Beyond the numbers, Tesla-watchers will have an ear out for updates on vehicles still in development, including the semi-truck and the Model Y crossover slated for production next year.

  • "The company will also likely provide an update on whether the pickup truck is still expected to launch next month, following a series of delays," CNBC reports.
  • Tesla's expansion into China, the world's biggest auto market, will also be in focus. "Tesla ... is conducting trial production runs at its new $2 billion China factory for the past several weeks and will sell some of the first cars from the plant to its employees," Reuters reported Wednesday morning.

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Reproduced from The Leuthold Group; Chart: Axios Visuals

The gap between the weighting of the five largest companies in the S&P 500 and the 300 smallest rose to the highest ever at the end of August, according to data from the Leuthold Group.

Why it matters: The concentration of wealth in a few massive U.S. tech companies has reached a scale significantly greater than it was before the dot-com bubble burst.

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Data: Fortune 500, Axios analysis of company statements, get the data; Chart: Andrew Witherspoon, Naema Ahmed/Axios

Big businesses continue to push funding toward fighting inequality and racism, with the 100 largest U.S. companies' monetary commitments rising to $3.33 billion since the death of George Floyd at the hands of Minneapolis police earlier this year, according to an Axios analysis.

Why it matters: The continued pace of funding commitments shows that months after Floyd's death there remains pressure for the wealthiest corporations to put their money behind social issues and efforts.