Tesla pleads for Senate to spare its booming energy business

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. Now, the company’s energy business — a rare bright spot amid faltering demand for its EVs — is under assault. 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. That bill is now before the Senate. 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. With CEO Elon Musk claiming that his time in government has come to an end, Tesla has taken to lobbying legislators on X. There, Tesla Energy appealed to Senate Republicans. “Abruptl ... Read full article.