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.