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These programs are growing, and that is not taking into account the U. And the U. Automakers are finding themselves in make-or-break moment, either shift to innovate or become irrelevant.

California also adopted a ZEV advanced truck requirement this year, which will spur the development of the credit market for Amazon -backed Rivian and Tesla's semi truck program.

And 15 U. Today, automakers can comply with the EV sales requirements just through passenger cars, but that will be changing, and the car companies do see the writing on the wall.

They will need to have a wholesale portfolio shift in each and every product line," Mui said. Teslas and Rivians will not meet all of the demand so the traditional automakers will pick up the pace of innovation, especially if they want to compete in China, he said.

GM recently made a significant investment in Nikola , whose founder shortly thereafter left the electric truck company.

But that big shift to innovation may continue to be a tough investment decision today for many auto players. And as more states add more requirements, "it will boost up the demand for these credits, which will raise the price," Leard said.

If car companies don't want to introduce new models, they can just buy credits indefinitely. For the zero-emission credits, it will continue to be "a seller's market," Leard said.

While he says traditional auto companies are moving in the right direction , with projects coming in future years like Ford 's electric F pickup truck and the electric Mustang Mach-E , "The big boys, the Fords and GMs, these companies are still kind of far from really getting a good high-selling electric vehicle on the market.

Even if the market ultimately does work to push more companies to make and sell more EVs, as it should, with the percentage of sales that have to be ZEV going up over time there will be car companies that don't have enough sales to not buy credits, Leard said.

With record volumes for Tesla deliveries expected in Q4 as well, though much of that due to the China factory ramping up, CFRA expects Tesla to be a net seller of these credits for years to come.

I don't think anyone has a really good handle where it comes in, except that it will be higher," he said. Ultimately, Tesla knows that depending on a credit market is not building a long-term sustainable, and solid profit margin, auto business.

What Tesla wants to show investors is that it can make a consistent profit, or at least avoid consistent losses, without depending on the credits.

Its CFO Kirkhorn has indicated as much, saying after its big Q2 credit market revenue that over time the company expects the ZEV trading to fade away as a financial resource for the company.

Tesla takes all the risk and has many other hurdles to overcome and high fixed costs and it is a capital-intensive business with high barriers to entry," he said.

GM, for one, is planning to be all-EV in the future. Nelson said his view is that Tesla is buying time to lower their battery costs so they can widen their competitive gap in terms of range of EVs and cost and build a better moat versus other manufacturers.

They are not trying to run a business based on the sustainability of EV credits. They are not assuming zero-cost revenue continues going forward," Nelson said.

Absolutely, but that will come with time and Tesla disclosure can improve. The entire street would agree they could do a better job providing guidance on the credits and quarterly revenue.

I do expect regulatory credit revenue to double in relative to , and it will continue for some period of time.

But eventually, the stream of regulatory credits will reduce. For now, at least, difficulty measuring Tesla's success down to the dollar-of-revenue source won't get easier when it comes to the RECs, but it will be easy to measure Tesla's success in other automakers being forced to pay Musk's company for selling EVs and racking up credits.

Sign up for free newsletters and get more CNBC delivered to your inbox. Get this delivered to your inbox, and more info about our products and services.

All Rights Reserved. Data also provided by. Skip Navigation. Markets Pre-Markets U. Key Points. Tesla just reported record Q3 vehicles deliveries, which will result in more renewable energy credits it can sell to automakers like Ford, GM and Fiat Chrysler.

Other electric vehicle start-ups, such as Nio, Rivian, Lordstown Motors and Nikola, could benefit from zero-emission vehicle credits in the years to come.

More U. The emissions trading market has proven to be a successful example of climate finance. Take Wilson's role in Saint-Maximin's opener just before the quarter hour mark on Saturday night.

Karl Darlow cleared the ball up field and as Kevin Long went to head it, Wilson nudged the Burnley defender before chesting the ball into Saint-Maximin's path.

Sean Dyche was furious on the touchline, believing it was a foul, but these are the fine margins in a physical encounter like this - and Wilson's experience told.

Saint-Maximin, surrounded by five Burnley players, then drove forward with the ball towards goal before slowing play down, turning his markers inside and out and getting a shot away - which goalkeeper Nick Pope could only get a hand to before it nestled in the net.

Burnley, to their credit, were much better after the break and grabbed a deserved equaliser through Ashley Westwood after the hour mark.

But Newcastle were back in front just a few minutes later and, again, Saint-Maximin and Wilson were linking up together as the former raced past two Burnley players down the right before swinging in a teasing cross to the back post.

Wilson gambled and made the run - which, again, was not always the case with Newcastle's strikers last season - and tapped home from close range before later scoring a penalty to make it The year-old has been starved of service at times in the early stages of his Newcastle career but Saint-Maximin, who returned from an ankle injury on Saturday night, was someone he was looking forward to working with when he joined the club last summer.

That was what was appealing as well - the talent in the squad. Wilson was referring to Newcastle's win at Bournemouth back in July and the suspended striker had a better view that most of Saint-Maximin's man of the match display as he was watching on from the stands.

That evening, Saint-Maximin became just the third Newcastle player in Premier League history to set up three goals and the statistic showed how much the forward has bought into the team-first dynamic at the club.

Saint-Maximin has worked on his end product - often knowing when to release the ball rather than attempting another trick - and do not be surprised if he improves his return of four goals and four assists from last season.

Newcastle may have made a number of signings this summer, but Saint-Maximin remains the team's talisman and when the year-old is on song, the Magpies are on song.

Encouragingly, for Bruce, Newcastle had as many shots on target against Burnley as they managed in their previous three league games. Bruce may have felt that recent criticism was 'not balanced' but the Newcastle head coach, the club's supporters and journalists covering the Magpies will all agree this was a much-improved display - and Saint-Maximin and Wilson were at the heart of it.

Sport opinion. Subscriptions Sign Out. By Ciaran Kelly Newcastle United writer. Get the latest NUFC transfer and takeover news straight to your inbox for FREE by signing up to our newsletter Subscribe When you subscribe we will use the information you provide to send you these newsletters.

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Follow ChronicleLive. Allan Saint-Maximin opens up on his future and the Newcastle takeover in most honest interview yet Allan Saint-Maximin Allan Saint-Maximin was asked about his future at Newcastle United and the ongoing takeover saga.

The new way Newcastle fans will be able to watch games under short-term TV deal Newcastle United FC The fresh proposal is set to be discussed at a meeting of clubs on Friday.

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