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Expand chart
Data: FactSet and company release; Chart: Will Chase/Axios

The numbers are in: Tesla booked its most profitable quarter on record — $1.1 billion — a feat as the auto industry is strangled by shortages.

  • More of Tesla's sales came from actually selling its electric cars. It raked in $354 million from selling regulatory credits to automakers — $74 million less than this time last year.

What they’re saying: "Public sentiment and support for electric vehicles seems to be at a never-before-seen inflection point,” the company said.

Go deeper

GM plans to double revenues by 2030 as it rolls out EVs and services

GM CEO Mary Barra. Photo: GM

General Motors plans to double its revenues over the next decade as it transitions to an all-electric future, tapping into software and subscription services that enable new vehicle experiences and connect customers' digital lives, the company told reporters on Wednesday.

Why it matters: It's an extraordinary target for a lumbering industrial giant that is trying to transform itself from automaker to "platform innovator."

Tesla to move headquarters from California to Texas

Photo: Smith Collection/Gado/Getty Images

Tesla CEO Elon Musk announced at a shareholder meeting Thursday that the Tesla headquarters will move from Palo Alto, California, to Austin, Texas.

Why it matters: Tesla isn't the first tech company to leave California. Oracle and Hewlett-Packard Enterprise moved their headquarters from Silicon Valley to Texas in December 2020.

Ben Geman, author of Generate
2 hours ago - Energy & Environment

Key clean power provision likely won't survive in Dems' spending bill

A construction worker walks along a dirt road at the Avangrid Renewables La Joya wind farm in Encino, New Mexico, on Aug. 5, 2020. Photo: Cate Dingley/Bloomberg via Getty Images

A pillar of Democrats' plans to speed deployment of zero-carbon electricity is likely to be cut from major spending and tax legislation they are struggling to move on a party-line vote, per multiple reports and a Capitol Hill aide.

Driving the news: The New York Times, citing anonymous congressional aides and lobbyists, reports that West Virginia Sen. Joe Manchin (D) has told the White House he "strongly opposes" the Clean Electricity Performance Program.