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.”
Yahoo Finance's Julie Hyman breaks down top business stories on Saudi Aramco earnings, Tesla production, and Facebook marketplace.