The once-reliable river of emission-credits cash Tesla
has used to boost its bottom line is in danger of drying up completely, with Europe’s legacy automakers building their own bridges over it.

A report in Europe today showed the Renault had grown its electric car (EV) sales beyond the point of self-sufficiency, and now had its own EV emissions credits for sale.

That could be a cruel blow to Tesla, which expected $1 billion in emission-credit revenues this year, and more to come.

Without the emission-credit revenues, Tesla would never have been able to claim four consecutive quarters of GAAP profitability this year.

Tesla soaked up $594 million in credit revenues in 2019 and $419 million in 2018, and emissions credits made up around seven percent of its total revenues in Q2 this year.

The world’s third-biggest auto-making alliance, Renault counts Nissan and Mitsubishi among the brands under its control and was the world’s biggest EV maker until the arrival of the Tesla Model 3.

It is pooling its emissions credits with both brands, which gives them huge EV volumes from the Renault Zoe and the Nissan Leaf. So far this year, 11 percent of Renault’s passenger car sales in Europe have been EVs.

According to a report by the European Electric Car Report, Renault now has so much confidence in its ability to meet its EU7 emissions targets that it has thrown open invitations to join its CO2 emissions pool to other auto makers.

In a document published by the European Commission, Renault has given a

CHICAGO, Oct 12 (Reuters)A Wisconsin factory hailed by President Donald Trump as proof he was reviving U.S. manufacturing did not create enough jobs in 2019 to earn its owner Foxconn Technology Group tax credits, the state said on Monday, the second year it has missed its targets.

In a letter to the Taiwan-based company’s Vice Chairman Jay Lee, Wisconsin’s economic development agency said Foxconn was a long way away from building the large TV screens it had proposed in 2017, when it promised to eventually create 13,000 jobs in the state.

The Apple Inc AAPL.O supplier’s plans for the Mount Pleasant factory are now unclear, the letter from The Wisconsin Economic Development Corporation (WEDC) said.

The planned $10 billion, 20-million-square-foot campus was hailed by the White House as the largest investment for a brand new location by a foreign-based company in U.S. history.

But for many the factory has become a symbol of failed promises in Midwestern states like Wisconsin that were key to Trump’s 2016 election and are now closely watched swing states in the Republican’s bid to be re-elected on Nov. 3.

Wisconsin’s Democratic Governor Tony Evers, who inherited a deal from his Republican predecessor to give Foxconn $4 billion in tax breaks and other incentives when he took office in 2019, has sought to renegotiate the state’s contract with the firm.

Foxconn said in a statement it employed more than the minimum 520 full-time workers by the end of the year to get the credit.

“WEDC’s determination of ineligibility during ongoing discussion is a disappointment and a surprise that threatens good faith negotiations,” it said.

WEDC’s review found Foxconn had fewer full-time employees than the minimum, however. It also fell short of its employment goal in 2018.

“Once Foxconn is able to provide more accurate