February 23, 2024 12:22 am
Tesla Earned $1.8 Billion From a Side Venture Last Year

Tesla, led by CEO Elon Musk, made $1.79 billion in regulatory credit sales last year, according to a recent SEC filing. This profit was due to the failure of rival companies to sell enough electric vehicles to meet emission regulations. Businesses in the US, Europe, and China regulate environmental standards to meet emission requirements. The income from these sales totals almost $9 billion since 2009, according to Bloomberg.

Tesla’s prediction of the credits drying up was disproved by the recent revelation that earnings from their regulatory sales are slowly increasing. Despite this, the company’s rivals are scaling back EV plans, which has led to Tesla seeing increased sales and profits from regulatory credits. However, Tesla’s lead in the electric vehicle market is being threatened by competition from China, as BYD overtook the company as the world’s top seller of electric vehicles early in the year. Tesla did not immediately respond to requests for comments made by Business Insider.

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