Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: FactSet; Chart: Andrew Witherspoon/Axios

Tesla is enjoying arguably the best stretch of its 17-year history — despite a shambling economy, CEO Elon Musk's latest PR grenades, manufacturing quality concerns, and circling would-be competitors.

Why it matters: Beyond being a fascinating corporate drama, Tesla's success affects the pace of electric vehicle adoption, especially in the U.S., where it dominates what's still a rather niche market.

Catch up quick: Tesla surprisingly announced that it eked out a fourth consecutive quarterly profit Wednesday despite disruptions from the pandemic.

  • That marks Tesla's longest stretch in the black, which paves the way to join the S&P 500.
  • Its stock, already in the stratosphere, is up almost another 4% in pre-market trading.
  • Musk announced a deal to make Austin, Texas, home to Tesla's second U.S. factory to produce an array of models.
  • Oh, and a new J.D. Power survey shows that Tesla owners have a strong emotional bond to their cars.

The big picture: "The results validate the unconventional efforts that Musk made to shore up earnings in the midst of the health crisis that’s expected to leave other U.S. automakers posting losses," Bloomberg reports, referring to Musk's bitter, highly public fight with county officials in California to reopen Tesla's factory despite public health concerns.

What they're saying: "Right now in the [electric vehicle] market, it’s Tesla’s world and everyone else is paying rent, a dynamic shown front and center this quarter," Wedbush analyst Dan Ives said in a note, per Reuters.

  • A New York Times piece ahead of the earnings released points out that new electric vehicles hitting the market are not really breaking through yet.
  • "Over the last year or so, several automakers, including Audi, Jaguar and Porsche, have added heralded new models intended to cut into Tesla’s electric dominance. But they have barely made a dent, at least in the United States," the paper reports.

Yes, but: Axios' Joann Muller's coverage of Tesla's earnings announcement shows why Tesla's profits are a nuanced metric.

  • About 8% of its revenues came from selling regulatory credits to other automakers, up almost 300% from the same period a year ago.
  • The higher income from emissions credits, along with savings on employee salaries during the factory shutdown, helped Tesla turn a net profit for the quarter.
  • But overall revenues fell.

The bottom line: Things could still go south for the volatile Tesla, but for now, for Musk and his company, chaos is not a pit — it's a ladder.

Go deeper

Ina Fried, author of Login
Oct 22, 2020 - Technology

Intel shares drop sharply despite mostly solid earnings report

Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

Shares of Intel fell as much 10% in after-hours trading Thursday — after the company posted quarterly revenue and earnings generally in line with expectations.

Why it matters: The chip giant is a bellwether for the PC industry, and small signs of weakness may be playing an outsize role in spooking investors.

Oct 23, 2020 - Economy & Business

Misperceptions may be holding consumers back from buying electric vehicles

Photo by picture alliance via Getty

Analysts and investors are getting ever more bullish on electric vehicles, but with little regard, it seems, for consumer attitudes.

Why it matters: Tightening regulations around the world could indeed shove the vehicle market toward electrics more quickly than expected. But if consumers are reluctant to buy, automakers will have to slash prices and absorb the losses, erasing investors' rosy hopes.

Felix Salmon, author of Capital
1 hour ago - Technology

Facebook's scandals have been great for shareholders

Expand chart
Data: YCharts; Chart: Axios

Facebook has been embroiled in scandal for the past five years, and while the specific allegations change over time, a central theme is constant. Given the choice between commercial and moral imperatives, Facebook always seems to choose the option that is best for the share price.

Why it matters: Facebook's stock chart supports that narrative. Since the 2016 scandals alleging that the social network was infiltrated by foreign actors trying to influence the outcome of democratic elections, Facebook's revenues — and its stock — have been soaring.