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Tesla loss, revenue beats expectations

A Tesla Model 3 on display in China. Photo: VCG/VCG via Getty Images

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.

Go deeper

Dion Rabouin, author of Markets
7 mins ago - Economy & Business

The European Central Bank and the market's moment of truth

ECB president Christine Lagarde; Photo: Chip Somodevilla/Getty Images

The biggest event for markets this week will be Thursday's meeting of the European Central Bank's governing council and the press conference following it from ECB president Christine Lagarde.

Why it matters: With interest rates jumping around the globe, investors are looking to central bank heads to see if they will follow the lead of Fed chair Jerome Powell, who says rising rates are nothing to worry about, or Bank of Japan governor Haruhiko Kuroda, who has drawn a line in the sand on rates.

Go deeper (1 min. read)Arrow
Mike Allen, author of AM
48 mins ago - Politics & Policy

Manchin's next power play

Photo: "Axios on HBO"

Sen. Joe Manchin (D-W.Va.), America's ultimate swing voter, told me on "Axios on HBO" that he'll insist Republicans have more of a voice on President Biden's next big package than they did on the COVID stimulus.

The big picture: Manchin said he'll push for tax hikes to pay for Biden's upcoming infrastructure and climate proposal, and will use his Energy Committee chairmanship to force the GOP to confront climate reality.

Go deeper (1 min. read)Arrow
Torey Van Oot, Nick Halter
2 hours ago - Axios Twin Cities

Why picking a jury for the Derek Chauvin trial is so hard

Illustration: Eniola Odetunde/Axios

The tough task of selecting a jury for former MPD officer Derek Chauvin's trial for the killing of George Floyd is set to begin Monday.

The state of play: "This case may be the most highly publicized criminal trial in a long time. ... That means that it's harder to find people who really have an open mind," Richard Frase, University of Minnesota Law School professor of criminal law, told Axios.

Go deeper (1 min. read)Arrow