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Tesla falls short of expectations: Musk reduces role in Trump administration and returns to company
First-quarter profits and revenues plummet: founder announces he will devote less time to the Doge from next month to relaunch Tesla
Tesla closes a disastrous first quarter, with net profits down 71% and revenues down 9% year-on-year. Net profit stopped at $409 million, far from the $1.44 billion predicted by analysts. Turnover, at $19.33 billion, is also well below estimates ($21.13 billion), confirming the difficult phase for the iconic electric mobility company.
The carmaker, hitherto considered a pillar of the Trump administration, attributed the drop to a “change in political sentiment” that could affect demand in an environment marked by rising tensions and attacks on its infrastructure.
During the conference call with investors, Elon Musk announced a change of pace: “Probably next month, my time dedicated to the Doge will decrease significantly,” the CEO said, referring to the Department of Government Efficiency that he has led since the beginning of the new presidential term.
The Doge has been at the centre of numerous anti-waste operations and government spending cuts, often in controversial ways. The department’s activities have drawn heavy criticism and even violent incidents: several Tesla dealers have been targeted in attacks that authorities describe as “with terrorist intent”.
Analysts now fear reputational damage for Tesla, which is closely linked to Musk’s public image and political visibility. Hence the choice of a partial disengagement.
Donald Trump, President of the United States and supporter of Musk, has downplayed rumours of a split in recent days: “Elon is doing a fantastic job, he will return to his companies when he is done here”. But signs indicate that the time for an operational return to Tesla is near.
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