Good morning from the Financial Times.
Today is Thursday, July 23rd.
And this is your FT News Briefing.
Tesla had a rough second quarter, and U.S.
Oil refiners are trying to keep up with demand.
Plus, Deutsche Bank got hit with another raid yesterday.
Every time the bank thinks that they can look into the future, something from the past pops up.
And the question is, when will this actually stop?
I'm Mark Filippino, and here's the news you need to start your day.
Tesla is not doing so hot.
The company's profits dropped unexpectedly in the second quarter,
even though demand for its electric vehicles was up, especially in Europe.
Sales in the U.S.
Remain low after the Trump administration scrapped incentives for electric vehicles,
forcing Tesla to sell its cars at lower prices.
The company has also lost a crucial source of income
from selling regulatory credits to other car makers to offset their emissions.
In addition, Tesla reported its first cash burn since early 2024. It recorded $1.1 billion in negative free cash flow.
Tesla's capital expenditures more than doubled as it pivots from electric vehicles to semiconductors
and humanoid robots.