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Headline : Over half of Teslas profits last quarter came from taxes

Read more from the original article on here at qz.com.





Tags : #over #half #teslas #profits #last #quarter #came #taxes


No. of Paragraph 11

Tesla did not have a good second quarter for 2024, and it could have been a whole lot worse had it not been for the U.S. government. Sure, profits fell 45 percent during the time period, but Tesla benefitted from one very important weapon for improving an income statement: regulatory credits.

A truly wild amount of Tesla’s second-quarter profit – over half of it, in fact – was attributed to the sale of these credits to rival automakers that use them to meet emissions rules, the Wall Street Journal reports. Sure, the money – which is pure profit – isn’t technically a subsidy, but Tesla is still very much benefitting from government programs that are aimed at aiding the development of electric vehicles.

This news is baked in a whole lot of irony considering Tesla CEO Elon Musk has long been in favor of eliminating government subsidies that encourage the development of EVs, and he has been pushing hard for former President Donald Trump to return to the White House.

Here’s more on Tesla’s awkward credit situation, from the Wall Street Journal:

Read more from the original article on here at qz.com.


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