Tesla Profits Plunge; Musk Shifts Focus Away From DOGE
Tesla reported first-quarter revenue of $19.34 billion, far below analysts’ consensus of $21.11 billion. Automotive revenue slipped by roughly one-fifth year-on-year, and net profit tumbled seventy-one per cent, marking the steepest quarterly decline since the early pandemic period. Deliveries fell by thirteen per cent after production stoppages for model refreshes, while automotive gross margin narrowed to 12.5 per cent, just above the 11.8 per cent feared by analysts. Q1 2025 Earnings Call https://t.co/wCEPPfA1s7 — Tesla (@Tesla) April 22, 2025 Musk promises reduced government role During the earnings call, chief executive Elon Musk announced he will “significantly” scale back the time he spends leading the White House Department of Government Efficiency (DOGE) from early May, limiting himself to “a day or two a week” and redirecting attention to Tesla. The billionaire said the core work of establishing DOGE is “mostly done” and acknowledged that inve...