Tesla's 71% Drop in Profit May Pressure Elon Musk to Return to Day Job

Source: nytimes.com



The carmaker reported the sharp decline in quarterly earnings after Tesla’s brand suffered because of its chief executive’s role in the Trump administration.


By Jack Ewing April 22, 2025Updated 5:35 p.m. ET

Tesla said Tuesday that its profit fell 71 percent in the first three months of the year, which could increase the pressure on Elon Musk, the automaker’s chief executive, to curtail his work for President Trump and spend more time managing the company.

The company said it had earned $409 million, down from $1.4 billion in the first quarter of 2024. The company previously reported net profit of $1.1 billion last year, but revised the figure to reflect changes in the way cryptocurrency assets are valued.

Tesla sales have been slumping because of intense competition from Chinese carmakers like BYD, a lack of new models and Mr. Musk’s support of far-right causes, which has turned off some liberals and centrists from buying Tesla vehicles.

Tesla remains the most valuable automaker in the world as measured by its stock price, and it sells far more electric vehicles in the United States than any other company. But its shares have lost about half their value since mid-December as investors have grown more pessimistic about the company’s prospects and concerned about Mr. Musk’s role in the Trump administration........................


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‪Khashoggi's Ghost‬ ‪@urocklive1.bsky.social‬
· 22m
The Cybertruck is looking increasingly like a flop. Sales of the Cybertruck in the first quarter were down about 50% from the last three months of the year.

Tesla’s website has recently offered discounts of up to $8,500 on Cybertrucks, which start at $70,000 before federal and state incentives.

https://bsky.app/profile/urocklive1.bsky.social/post/3lngnbvon2s27