Paywalled, sorry, here are highlights;

Trump’s “big, beautiful bill” puts at risk a crucial source of profit for Tesla by neutering rules that allow the electric-vehicle maker to sell billions of dollars of emissions credits.

Trump has vowed to kill the US’s three parallel systems of emissions credits, in the name of lower car prices... His “big, beautiful bill” targets a third system, the federal “corporate average fuel economy” (Cafe) standards. The programme penalises automakers whose vehicles fall short of fuel-efficiency targets and rewards those that produce no emissions with clean air credits, which can then be sold on to gas-focused rivals to offset their fines.

Selling credits under Cafe and similar systems in other jurisdictions contributes a substantial and growing proportion of Tesla’s profit.

In the first quarter, Tesla’s reliance on the systems was stark: it would have made a loss if not for credit sales, which rose 35 per cent to $595mn, eclipsing Tesla’s overall $409mn of net income.