Welcome in, today is Friday, July twenty-fourth, and we begin with Tesla, where record revenue arrived alongside thinner profit. Tesla reported record second-quarter deliveries and revenue, and a weaker bottom line. Total revenue rose twenty-six percent to twenty-eight point two billion dollars, with automotive revenue up twenty-three percent to twenty point five billion. Net income fell seventeen percent against a year earlier, despite strong car sales. Automotive World reports the company's cash flow turned negative for the first time since twenty twenty-four, and attributes that to accelerating capital spending on artificial intelligence. Per Just Auto, the outlays run to the Optimus humanoid robot and the scaling of the robotaxi business, leaving investors holding out for future returns. Growth in volume set against thinner margins puts the capital-allocation question in front of the sector's product and investor planning. Also today, the United States has imposed fifty percent tariffs on a wide range of Canadian imports. WardsAuto and Automotive News report the duties are levied under Section three thirty-eight, and apply even to products that qualify for duty-free treatment under the United States-Mexico-Canada Agreement. Because they are reported to reach USMCA-qualifying goods, they would reprice cross-border parts and vehicle flows that North American production planning currently treats as duty-free. The White House said Canadian duties on American-built vehicles cut five point six billion dollars, seven point nine billion Canadian, from United States auto exports to Canada over the past year. Separately, Ford and Geely have formalized their Spanish factory deal after months of talks, according to Automotive World and Automotive News. The two will jointly build electrified vehicles at Ford's Valencia plant, with Geely manufacturing on a currently unused assembly line at the site, which also produces Ford's Kuga crossover. Automotive News reports Ford is selling thirty-four percent of the plant to Geely, and that new electrified models from both brands start in twenty twenty-eight. A Western automaker sourcing cost structure from a Chinese partner is one route toward EV cost parity, and the arrangement will be watched for how joint builds sit with European policy. How premium makers are sizing German cost bases to weaker China demand gets another data point today. Porsche plans to cut a further five thousand jobs in Germany, Automotive News reports, as chief executive Michael Leiters restructures operations. The company describes the reductions as coming through natural attrition and early retirement. Per that same reporting, weak demand in China eroded earnings, and new product launches are cited as critical to the recovery. So product cadence, not headcount alone, is the variable named for the turnaround. Now, a few more headlines moving the trade today. Thirteen automakers, Tesla among them, have signed up for California's new electric vehicle rebate program, which rolls out later this summer, per the San Diego Union-Tribune. Automotive News reports Mazda is reshaping its lineup and manufacturing footprint around twenty-five percent tariffs on Mexico-built vehicles and changing United States emissions rules, having already moved sedan production back to Japan. Canada's twenty thirty-five electric vehicle target is in doubt. Having scrapped the mandate, the government plans tailpipe emissions rules it says are equivalent to seventy-five percent EV adoption, according to Automotive News. Grupo Antolin has been granted United States court protection as part of a restructuring, Automotive News reports. The Spanish supplier cites weaker demand, tariffs, commodity price increases and a slower-than-expected transition to electric vehicles. Mobileye beat second-quarter profit and revenue estimates, per Investing.com, though the shares fell premarket as investors weighed the quality of the beat and a cautious near-term outlook. And finally, German automakers' China troubles deepened with another drop in exports. Automotive News reports Volkswagen, BMW and Mercedes are losing share to domestic competitors offering price-competitive, design-forward models.