Elon Musk‘s Tesla Inc (NASDAQ:TSLA) has made a surprising $1.79 billion in revenue from this side hustle, according to a recent report.
What Happened: Tesla’s regulatory-credit sales in 2023 were revealed in a recent filing with the Securities and Exchange Commission. This income came from other automakers’ failure to meet emission regulations due to insufficient electric vehicle (EV) sales, reported Business Insider.
Tesla did not immediately respond to Benzinga‘s request for comment.
Despite Tesla’s expectation that this revenue stream would diminish as other automakers increased their EV production. This has been a significant revenue stream for Tesla, which has not disclosed the buyers of these credits. The company has earned nearly $9 billion from this business since 2009, with the earnings slightly increasing from the previous year.
“We don’t manage the business with the assumption that regulatory credits will contribute in a significant way to the future,” Zachary Kirkhorn, …
