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American Focus > Blog > Tech and Science > Tesla profits drop 71% on weak sales and anti-Elon Musk sentiment
Tech and Science

Tesla profits drop 71% on weak sales and anti-Elon Musk sentiment

Last updated: April 22, 2025 5:45 pm
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Tesla profits drop 71% on weak sales and anti-Elon Musk sentiment
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Tesla Struggles with Declining Sales and Financial Losses

Tesla is facing tough times as its sales figures continue to decline, pushing the company closer to financial trouble. According to the latest financial results released on Tuesday, Tesla reported a 71% drop in net income compared to the same quarter last year, with $409 million in net income on $19.3 billion in revenue after delivering almost 337,000 electric vehicles in the first quarter of the year.

This decline in sales marks the worst quarter for Tesla deliveries in more than two years and comes on the heels of the company’s first-ever year-to-year drop in sales. Tesla’s income was partially supported by selling $595 million in zero-emissions tax credits, without which the company would have posted a loss.

Despite these challenges, Tesla’s stock rose in after-hours trading as investors focused on the company’s plans to start production on an affordable electric vehicle in June. CEO Elon Musk also announced during an earnings call his intention to reduce his role in the Department of Government Efficiency to focus more on Tesla, although he did not commit to ending his involvement with DOGE completely.

Tesla also addressed concerns about the impact of the ongoing trade war on its business, warning shareholders that President Trump’s tariffs and changing political sentiment could affect demand for their products. The company highlighted that current tariffs, primarily directed at China, may have a larger impact on its Energy business compared to automotive.

Despite these challenges, Tesla remains committed to its plans to introduce more affordable models, with production set to begin in June. These vehicles will utilize aspects of a next-generation platform powering the robotaxi, while also relying on the existing platform used for the Model Y and Model 3.

See also  Jack Dorsey and Elon Musk would like to ‘delete all IP law’

However, Tesla’s sales are facing headwinds due to an aging EV lineup, lukewarm reception of the Cybertruck, and concerns over Musk’s political affiliations. The company’s focus on projects like Robotaxi and Optimus robots has also raised doubts about the feasibility and profitability of these ventures.

Looking back at Tesla’s recent financial performance, the company struggled with declining profits in 2024, attributed to a price-cutting strategy and unforeseen challenges. While Tesla managed to improve its profits in the following quarter, restructuring charges and regulatory credit sales have been instrumental in propping up the company’s financial health.

As Tesla navigates through these challenges, it remains to be seen how the company will address its declining sales and financial losses in the coming quarters.

This article was originally published at 1:15 pm PT and has been updated with additional comments from Elon Musk and other executives from the earnings call.

TAGGED:antiElonDropMuskprofitsSalessentimentTeslaweak
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