Tesla's quarterly results are Philippinesin, and it seems the panic alarm finally went off.
Analyst expectations for Tesla's first quarter of 2025 were already pretty grim, but Tesla handily beat them with a 71 percent drop in profit and a 20 percent drop in car sales, with the only thing keeping the company in the green for the quarter being $595 million in carbon credit sales.
While the sales drop can partially be attributed to the launch of Tesla's updated Model Y, it's now obvious that Musk's political engagement, which includes running the so-called Department of Government Efficiency (DOGE), has been giving potential Tesla buyers pause. DOGE, which is supposed to be cutting unnecessary government expenses, has instead wreaked havoc inside the federal government, with fairly little to show for it.
Musk's endorsement of far right political options probably isn't helping either, especially in Europe, where Tesla sales have plummeted in recent months.
It seems that Musk is finally getting the message — partially, at least. During Tesla's earnings call on Tuesday, he said his time allocation to DOGE would drop "significantly" starting in May. Musk also said he plans to allocate "far more" of his time to Tesla.
He will not, however, leave DOGE completely, as long as the president would like him to stay, and "as long as it's useful".
During the call, Musk also complained about Trump's tariffs on China, which hurt Tesla's profits, as well as claiming that the increasingly widespread Tesla boycotts are the work of those who oppose Musk's work at DOGE.
As for Tesla's future plans, Musk was surprisingly timid. In June, the company will launch "fully autonomous" taxi rides in Austin, Texas, but they won't be Tesla Cybercabs. Instead, the company will launch the autonomous rides with Tesla Model Ys. Musk also said that Tesla Optimus robots will be working in Tesla factories by year's end, though the humanoid robot is also affected by Trump's tariffs.
SEE ALSO: Tesla reportedly delays cheaper Model Y again as earnings call loomsOverall, however, Musk is still very bullish about the prospects of his company. "I continue to believe that Tesla, with excellent execution, will be the most valuable company in the world by far," he said.
Topics Tesla
Classified Zuma spacecraft may have failed after SpaceX launch
Here's what's up with Ashton Kutcher tweeting out his phone number
The strangest ways people found out about Queen Elizabeth II's death online
Emmy winner Sheryl Lee Ralph shares the advice Robert De Niro gave her in 1992
Best AirPods deal: Save $50 on AirPods Pro 2
Sam Neill doing yoga with his pig is the only thing worth seeing on the internet
Twitch streamer falls asleep during stream, wakes up to find 200 people watching him
No one believes ICE arresting 21 Savage in Atlanta is a coincidence
Best Sonos deal: Save $50 on Sonos Era 100
A handy guide for using society's most neglected emoji
Today's Hurdle hints and answers for May 9, 2025
Here's what's up with Ashton Kutcher tweeting out his phone number
You could win a $1.7 million mansion by writing a standout letter
Play Netflix's 'Glass Onion' puzzle box to test your detective skills
Apple iPhone 17 Pro leaks highlight major new design change
Bored Midwesterners are throwing boiling water into the frigid wind during the polar vortex
15 pictures that are not at all what they seem
Oh my god they have Airpods in, they can't hear this meme
Skates in the deep sea may incubate eggs near 'black smoker' vents
Disney's 'Obi
Every surprise song Taylor Swift has performed on 'The Eras Tour'AI has been quietly enhancing your work life for yearsObjects of Despair: The 10,000Redux: I Fell In Love with the Florist by The Paris ReviewWinter by Marin SardyWindows 10 updates won’t be free after 2025 — here’s whyVisual Magicians in the Hills of Connecticut by Robert PranzatelliWhat Our Contributors Are Reading This Spring by The Paris ReviewBest kitchen deal: Keurig K'Zepotha': The horror movie going viral on TikTok that doesn't existObjects of Despair: Drones by Meghan O’GieblynMore Obscene than De Sade by Lucy SanteInstagram is adding music to photo carousels, just like TikTokBest smart thermostat deal: Get the Google Nest for 31% offSomehow I Became Respectable by John WatersTherapy Jeff teams up with WhatsApp on attachment stylesRedux: I Fell In Love with the Florist by The Paris ReviewSomething Always Remains by Trevor PaglenBest home essentials deal: Get $15 in Amazon credit when you spend $50 on select home itemsOne Word: Understand by Chia Apple TV 4K is the most essential product Apple makes Kim Kardashian, Chrissy Teigen defend North West's passion for fashion Huawei's Nova 4 has a 48 Politician challenged on marriage equality on TV by her gay brother Postmates reveals its cute, automated delivery robot Here's why drinkers should hit the gym Here's why everyone's tweeting about Charles Barkley and his friend What's coming to Hulu in January 2019 Steam is finally getting some competition and that's good for everyone Why every super paranoid internet user needs a cheap Chromebook Queen of Twitter Ariana Grande expertly used the Drake/Kanye feud to plug her new song Prada apologizes for 'Pradamalia' toys that evoke racist imagery Digital tools are vital for refugees hoping to start a new life Chopsticks are the ultimate tool for snacking at your computer Heartbreaking photo prompts internet to donate over $176,000 to 89 Facebook bug affecting 6.8 million gave apps unauthorized photo access Yael Stone accuses Geoffrey Rush of inappropriate behavior Boy tries to single Even newspaper ads aren't declining as fast as desktop ads Stressed? Buy a Muji pen. Trust us.