Tesla's profits fell 71% over the first three months of this year, a company earnings release on Tuesday showed. The company's performance fell short of analysts' expectations.

Total revenue decreased by 9% from one year earlier, to $19.3 billion, while revenue derived from car sales plunged 20% over the first three months of 2025 compared to a year ago, the earnings showed.

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Opening his company's earnings call on Tuesday, Musk defended the work he was doing with the Department of Government Efficiency and commented on the Tesla protests, saying, without evidence, that the protesters were demonstrating because they were “receiving fraudulent money.”

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Musk announced in late January that the company would roll out its robotaxi test program in Austin, Texas, in June. But within days, China-based competitor BYD unveiled advances in self-driving technology, which the company said was set to be included in models costing as little as $9,600.