Investors have welcomed the announcement following a 71% drop in the electric vehicle (EV) maker’s net profit for the first quarter of the year, which fell to 409 million dollars.
“I think starting in May, my time spent on DOGE will likely decrease significantly,” Elon Musk, CEO at Tesla, stated during a call with analysts.
He assured that he would still support the US government “to ensure waste and fraud don’t come roaring back,” but said he planned to redirect his focus to Tesla.
The South African-born billionaire mentioned he would devote one or two days a week to governmental matters “as long as President Trump wants,” but stressed his intention to prioritise Tesla’s operations, which are also being hit by new US tariffs.
Tesla’s rally was also boosted by a statement from the Chinese government on Wednesday, expressing willingness to engage in dialogue with the United States over tariffs, while urging Washington to “abandon blackmail and threats” in order to move forward with negotiations to end the trade war between the two powers.
This news lifted major US stock indices, with the Dow Jones up 2.78%, the S&P 500 rising 3.18%, and the Nasdaq climbing 4.27%.
However, Musk’s political activism has shaken investor confidence in Tesla.
The company’s stock is down 37% year-to-date, with a current market capitalisation of $815.8 billion.
Tesla’s automotive revenue stood at $13.97 billion (€12.26 billion) between January and March 2025, a 20% drop compared to the same period last year.
Overall revenue—including energy storage units and other services—fell by 9% to 19.34 billion dollars, while adjusted EBITDA dropped 17% to 2.81 billion dollars.
READ MORE
-
UK enters a “decisive” phase: can the charging network ease range anxiety enough?
The government recently announced that it has reached 82,000 public charging points. This is a positive sign for those who own or are considering purchasing an EV. However, beyond focusing on quantity, the UK must also prioritize quality. Which areas have the least charger coverage?
-
From Amsterdam to Pamplona: Sungrow targets eMobility leadership with European I+D and local presence
With an innovation centre in the Netherlands and an operational hub in Spain, the global firm combines technology tailored to the European market with local stock, after-sales support, and integrated solutions. Its goal: to lead the EV charging infrastructure market with efficiency and proximity.
-
With 38 charging bays, one of Austria’s largest EV parks begins operation
Once fully developed, the charging park will offer a total of 50 charging bays. The area will also offer a wide range of amenities, including playgrounds, toilet facilities, and a bistro.
