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Chart: Tesla’s profits would evaporate if not for these regulatory credits

Trump has threatened federal support for EVs, which would dent Tesla’s bottom line.

4/28/25 1:17PM

Last quarter was bad for Tesla, but it would have been much worse had it not been for the money the company gets from regulatory credits.

These credits are basically pure profit, since Tesla, which exclusively makes electric vehicles, gets a surplus of them from the government at no cost and then sells them to automakers that don’t meet regulatory requirements.

Last quarter, Tesla brought in $595 million in regulatory credits revenue. If we consider that revenue to be profit, it represents 145% of Tesla’s $409 million in net profit last quarter. Tesla’s profit fell 71% last quarter compared to a year earlier; meanwhile, its regulatory credit revenue rose 35%.

The Trump administration of course has threatened to end support for electric vehicles, something Tesla CEO Elon Musk had said he supports. That support, however, has helped Tesla’s finances look a lot better than they would have otherwise.

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Intel romps amid reported attempt to poach a 21-year Taiwan Semiconductor veteran

A report in the Taiwanese press that Intel is attempting to recruit a recently retired top Taiwan Semiconductor executive, Wei-Jen Lo, to lead R&D at Intel’s troubled foundry division may account for the bump in Intel shares Tuesday, one analyst told us.

A synopsis of the report from technology analysis and news outlet TrendForce News notes:

“If confirmed, the move could have significant implications for TSMC and the broader Taiwanese semiconductor industry, especially as Intel aggressively expands its foundry business with support from Washington and backing from tech giants like NVIDIA and SoftBank, the report adds.”

But some skepticism about Lo, 75 years old, returning to Intel, where he worked before joining TSMC in 2004, is also warranted, TrendForce says:

“Industry insiders cited by the report say it is unlikely he would join Intel again, given TSMC’s non-compete rules, Intel’s status as a direct competitor, Lo’s advanced age, health considerations, and his long-standing loyalty to TSMC founder Morris Chang. On the other hand, some industry observers warn that Lo, a U.S. citizen, would be difficult for TSMC to restrict, even with non-compete clauses.”

Intel shares have doubled over the last three months, since the US government took a 10% stake in the company in August. Intel is the best-performing stock in the S&P 500 over that period.

Intel Reportedly Eyes Retired TSMC Veteran Wei-Jen Lo, Advanced Node Pioneer, to Lead R&D

“If confirmed, the move could have significant implications for TSMC and the broader Taiwanese semiconductor industry, especially as Intel aggressively expands its foundry business with support from Washington and backing from tech giants like NVIDIA and SoftBank, the report adds.”

But some skepticism about Lo, 75 years old, returning to Intel, where he worked before joining TSMC in 2004, is also warranted, TrendForce says:

“Industry insiders cited by the report say it is unlikely he would join Intel again, given TSMC’s non-compete rules, Intel’s status as a direct competitor, Lo’s advanced age, health considerations, and his long-standing loyalty to TSMC founder Morris Chang. On the other hand, some industry observers warn that Lo, a U.S. citizen, would be difficult for TSMC to restrict, even with non-compete clauses.”

Intel shares have doubled over the last three months, since the US government took a 10% stake in the company in August. Intel is the best-performing stock in the S&P 500 over that period.

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Chart: Tesla’s profits would evaporate if not for these regulatory credits

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