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Tesla pleads for Senate to spare its booming energy business
If the Senate were to pass it with those repeals in tact, it could have a devastating impact on Tesla’s energy division.
Tesla is a business built, in part, on government regulations and incentives, from a Department of Energy loan guarantee in 2009 to the regulatory credits it sells to other automakers, which have driven a third of its $32 billion in profits since 2012. House Republicans passed a reconciliation bill last week that would undo much of the Inflation Reduction Act, including tax credits for residential solar installations and for clean energy projects. If the Senate were to pass it with those repeals in tact, it could have a devastating impact on Tesla’s energy division, which brought in $2.7 billion in revenue in the first quarter, a 67% increase year-over-year.
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