Later this week President Joe Biden puts the final touches on a major win for his administration, signing the Inflation Reduction Act (IRA) into law. Among a number of initiatives in the $700 billion package are huge investments in new climate initiatives like rebate programs for energy efficient appliances and retrofits, production tax credits and provisions for battery and solar cell manufacturers, and most importantly for the automakers, as tax credits for new and used electric vehicles.
Tesla just crossed a major production milestone, but the leading EV-maker still has a long way to go to meet its ultimate goals and take on the growing competition. In a tweet yesterday, CEO Elon Musk beamed: “Congrats Giga Shanghai on making millionth car! Total Teslas made now over 3M.”
(Bloomberg) -- Tesla Inc. whipsawed Tuesday after a relentless surge that pushed the stock up 50% from its May bottom lost some momentum, with investors broadly souring on growth stocks.The electric-vehicle maker fluctuated after jumping as much as 1.7% earlier in the session, which took the stock up 50% from the May 24 closing low of $628.16. The shares currently remain about 27% below their all-time high of $1,243.49 reached on Nov. 4.While Tesla investors have been through a tumultuous 2022,