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Good morning from the Financial Times. Today is Thursday, July 21, and this is your FT News Briefing.

Tesla is looking pretty resilient these days. Meanwhile, Italy's political drama continues,

and Ukraine is getting some debt relief. But, Shuri Lankas,

debt troubles are adding to fears of a broader crisis in emerging markets.

I'm Mark Filipino, and here's the news you need to start your day.

Tesla said yesterday its second quarter revenue rose 42% over last year.

The electric vehicle maker also announced a nearly 60% jump in adjusted earnings per share.

These numbers come despite production disruptions in China because of COVID lockdowns

and high costs associated with new plants in Texas and Germany. Here's the FT's Richard Waters.

Tesla is really holding it together very well in an incredibly difficult time.

Not only was it's biggest plant, which is in Shanghai, shut down for much of the quarter

because of local COVID restrictions. But it's facing all the same supply chain pressures

that all other manufacturers have. Even despite all that, it's all churning out, as you say,

this massive growth. But, and this is the big butt, there are such high expectations around this

company. They've essentially got a greater production about 70% in the second half,

just to make up the numbers that people were hoping for to get back to the 1.5 million

deliveries that Wall Street's hoping for this year.

That seems like a really tall order there, Richard. Is this something they can actually do?

Do you know, it's a really tough climb. Elon Musk was sounding uncharacteristically

cautious, I felt. He didn't throw any numbers out. He didn't give any predictions. He said,

...