Tesla’s profits fell 71% in the first three months of this year, a results statement from the company released on Tuesday (22) showed. The company’s performance fell short of analysts’ expectations.
Total revenue fell 9% from the previous year, to US$ 19.3 billion, while revenue from automobile sales plunged 20% in the first three months of 2025 compared to the previous year, the results showed.
The new financial details come at a time when some shareholders have asked Musk — whose temporary status as a public employee expires next month — to step away from his White House role and return full-time to leading Tesla.
Opening his company’s earnings conference call on Tuesday, Musk defended the work he was doing with the Department of Government Efficiency and commented on the Tesla protests, stating, without evidence, that protesters were protesting because they were “receiving fraudulent money”.
He then said that the DOGE work was necessary, but that “the work to get the government’s finances in order is almost complete”.
“I think starting in May, probably, my time dedicated to this will decrease significantly,” he said.
He added that he expects to continue working for the government one or two days a week for the remainder of President Donald Trump’s presidency to “ensure that the waste and fraud we prevented doesn’t come back full force”. DOGE has not yet proven the fraud it claims.
Musk added that he would start dedicating more time and attention to Tesla.
Musk also addressed the Trump administration’s tariffs on Tuesday, saying: “I have stated many times that I believe lower tariffs are, in general, a good idea.”
“But that decision fundamentally belongs to the people’s elected representative, who is the President of the United States,” he added. “So, as you know, I will continue to advocate for lower tariffs… but that’s all I can do.”
Previously, he had said that Tesla was in a relatively good position to face tariffs because it had local supply chains.
Tesla remains one of the leading electric car manufacturers, but faces growing competition, especially from Chinese companies like BYD.
Tesla vehicle deliveries in the first three months of 2025 fell about 13% compared to the same period the previous year, the company reported earlier this month.
In Tuesday’s conference call, Tesla CFO Vaibhav Taneja stated: “The negative impact of vandalism and unjustified hostility against our brand and our employees affected certain markets. Despite that, we managed to sell the old Model Y. We produced the old Model Y until the end of February.”
Source: ABC News