Tesla’s quarterly profit fell 71%, the company announced Monday, marking the latest indication of bad news for Elon Musk electric car makers as scrutiny continues with tech billionaires.
The electric vehicle company reported a 9% decline in revenue for the first three months of the year. The company said its profits fell by $409 million from $1.4 billion in the first quarter last year.
It is expected to hold a revenue call with investors at 5:30pm.
The full financial report comes after Tesla revealed earlier this month that its first quarter sales fell almost 13%. The company reported delivery of 336,000 vehicles between January and March quarter. This was a prominent flooding of 387,000 vehicles at the same time a year ago.
This quarter marked the worst show since 2022, far lower than analysts expected.
Tesla stocks plummeted nearly 50% from late December to late December as they approached President Trump’s trajectory amid increasing power in the White House and the Department of Government Efficiency (DOGE) leadership.
Company showrooms across the country faced peaceful and violent protesters, including arson attacks, vandalism and shootings.
Tesla CEO said last month that he had the “big challenges” running a variety of companies while managing Doge’s work.
Ahead of the revenue call, a group of treasurers from eight states wrote to Tesla’s board of directors, expressing concerns about the leadership of electric car maker Mask.
“Musk continues to draw attention to the high-profile advisory role within multiple businesses and within the federal government,” a letter to Robin Denholm, chairman of Tesla’s board.
“These external commitments raise serious questions about whether Tesla’s leadership is fully addressing the company’s core challenges.”
Meanwhile, Tesla is also dealing with the ripple effects of Trump’s tariff war. Tesla was speculated to avoid the brunt of Trump’s tariffs as it focuses on domestic production, but it emphasized that the company would not be affected by retaliatory tariffs from other countries.
Tesla suspended new orders for two models on its Chinese website earlier this month.
The company did not provide a reason to suspend the order, but analysts suggested the move was showing Musk and Tesla a tight spot amid the trade war.
Updated at 4:59pm
