Tag: Tax credit

BusinessInnovationTechnology

Tesla Reports Mixed Q3 Results Amid Musk’s Pay Package Controversy and European Space Alliance Forms

Tesla announced a 37% drop in quarterly profits even as revenue hit a new high, with CEO Elon Musk labeling firms opposing his compensation plan “corporate terrorists.” In related news, European aerospace giants are joining forces to compete with rivals like Starlink.

Tesla’s Financial Performance

Tesla’s third-quarter financial results revealed a mixed picture, with record revenue but a significant profit decline, according to reports. The company reportedly achieved $28 billion in revenue for the three months ending September, a 12% increase from the same period last year, driven by U.S. buyers rushing to secure electric vehicle tax credits before their expiration. However, profits fell by 37% year-over-year, which analysts suggest is partly due to increased costs from tariffs and research investments.

by Bennett Laura
BusinessEnergyTechnology

Tesla Posts Q3 Profit Surge as Buyers Rush to Beat EV Credit Deadline

Tesla returned to profitability in the third quarter as buyers raced to claim expiring federal EV incentives. The automaker reported $1.4 billion in net income despite a 37% profit decline compared to the same period last year.

Quarterly Financial Performance

Tesla reportedly generated $28.1 billion in revenue during the third quarter, marking a 12% increase year-over-year, according to the company’s earnings report. The electric vehicle manufacturer earned $1.4 billion in net income for the quarter ending in September, though this represents a 37% decrease from the $2.2 billion profit recorded during the same period in 2024. Sources indicate the revenue figures exceeded Wall Street expectations of $26.24 billion, based on data compiled by LSEG.

by Ortega Rafael
MobilityPolicy

Norway’s EV Subsidy Phaseout Offers Blueprint For Sustainable Market Transition

Norway is set to phase out its VAT exemption for electric vehicles starting in 2026, following unprecedented EV adoption rates. The planned subsidy withdrawal offers lessons in sustainable policy design for markets still dependent on government support.

Norway’s Strategic EV Subsidy Phaseout

Norway has announced plans to phase out its long-standing value-added tax exemption for electric vehicles, according to reports analyzing the country’s latest budget release. The phaseout will begin in 2026 and conclude by 2027, marking a significant shift in what has been one of the world’s most generous subsidy programs for electric vehicles.

by Bennett Laura
AutomotiveBusiness

Automakers Overestimated EV Demand, Says Former Ford CEO Mark Fields

Former Ford CEO Mark Fields says US automakers overestimated consumer demand for electric vehicles. Fields claims manufacturers invested heavily in EV capacity without understanding what would drive consumer adoption.

Former Ford CEO Mark Fields has delivered a stark assessment of the automotive industry’s electric vehicle strategy, stating that manufacturers “went full bore” into EV production without adequately considering consumer demand. The comments come as major automakers face significant challenges in the EV market, with several scaling back ambitious production targets and taking substantial financial charges.

The Consumer Disconnect in EV Strategy

by Bennett Laura