Tesla’s financial results released on Tuesday have shown the impact of the first three months of the year with a 71% drop in profits year-over-year.
Tesla’s results showed net income of $409 million for January to March. The company had a $595 million zero-emissions tax credit that helped the company continue to make a profit.
The company’s total deliveries were also the lowest they’ve been in two years with it shipping 336,681 units in Q1 2025. In the last quarter of 2024, the company delivered 495,570 units, while the same time period last year of Q1 2024 saw it deliver 386,810 cars.
During Tesla’s earnings call, CEO Elon Musk confirmed he would be dedicating more time to the business by stepping back from his role in the Department of Government Efficiency (DOGE).
“Starting next month, I’ll be allocating far more of my time to Tesla now that the major work of establishing the Department of Government Efficiency is done,” Musk said. He confirmed he would scale back at some point in May.
Special advisors to the President, like Musk’s role, are limited to 130 days of government work a year. Musk was announced as a “special government employee” on February 3 meaning his last day could stretch as far as mid June. Musk noted in the earnings call that he may still dedicate a couple of days of his week to his work at DOGE throughout the rest of the year.
Tesla stock rose during the earnings call. Alongside Musk’s announcement, the company confirmed it will begin work on its upcoming affordable EV line in June 2025. A report from late last week by Reuters suggested Tesla had planned to delay its affordable EV launch.
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Little is known about the company’s plans for cheaper cars, but rumors suggest the models will be priced around $30,000. Tesla’s VP of Vehicle Engineering, Lars Moravy, said on the earnings call, “The models that come out in the next months will be built on our lines and will resemble in form and shape the cars we currently make. The key is they’ll be affordable and you’ll be able to buy one.”
The company also confirmed it is still on track for its robotaxi rollout which will start in Austin, Texas, in June. Musk said during the call that the company’s goal is to bring it to more US cities by the end of the year, but the company didn’t provide any further information.
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This article was published by WTVG on 2025-04-23 06:21:00
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