The Wall Street Journal

Tesla Profit Sinks, Hurt by Backlash Over Elon Musk’s Political Role

CEO says he will spend significantly less time on DOGE starting in May; electric-vehicle maker’s net income falls 71%

The company’s first-quarter global vehicle deliveries declined 13%.
The company’s first-quarter global vehicle deliveries declined 13%. Photo: Cfoto/Zuma Press

Tesla’s net income slid 71% in the first quarter, as the company struggled to overcome competitive pressure overseas and a reputational hit from Chief Executive Elon Musk’s polarizing role in the Trump administration.

Musk said he would be devoting significantly less time to his federal cost-cutting work at the Department of Government Efficiency starting next month, but struck a defiant tone against critics. “I believe the right thing to do is to fight the waste and fraud and try to get the country back on the right track,” Musk said on a call with analysts after the quarterly earnings report Tuesday.

WSJ Logo