Tesla Reports Profits Plummeted 71% In First Quarter

The New York Times reports:

Tesla said Tuesday that its profits 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 earned $409 million, down from $1.4 billion in the first quarter of 2024, Tesla said.

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 away some liberals and centrists from buying Tesla vehicles.

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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