Tesla brought in $595 million of automotive regulatory credits last quarter compared to a $400 million overall operating profit, meaning Tesla was in the red to start 2025 when excluding the credits, which are all essentially free profit Tesla receives from its gas car rivals looking to comply with emission requirements.

Musk’s management style has always been a lightning rod. His focus on speed and impatience allows him to advance technologies at a breakneck pace.

A sobering quarterly report puts more prssure on Tesla’s chief executive to make good on his promises for fully autonomous vehicles.