technologyClosed Apr 22, 2025
Musk Says He’ll Keep Pushing Trump for Lower Tariffs
- CEO Elon Musk says he’ll limit time with DOGE starting in May
- First-quarter adjusted EPS, revenue miss estimates
- Tesla backs away from earlier forecast for sales growth this year
- New vehicles are on track to start production in first half of 2025
- Tariffs hit supply chain, may have ‘meaningful impact’ on demand
A Tesla dealership in Valencia, Spain.
Photographer: Michael Robinson Chavez/BloombergAnd that’s a wrap. Here are my key takeaways for Tesla’s first-quarter earnings:
- The company’s adjusted earnings per share and revenue missed estimates last quarter. Tesla said vandalism and hostility toward the brand hurt sales.
- The automaker didn’t reiterate its forecast of returning to sales growth this year, pointing to uncertain trade policy.
- CEO Elon Musk says his time allocation at DOGE, the entity aiming to cut the size of the US government, will “drop significantly” starting next month.
- The company acknowledged President Donald Trump’s tariff policies -- which Musk said he opposes -- will impact the company’s profitability.
- Tesla’s “more affordable car” is basically going to be a cheaper version of the Model 3 and Model Y.
Updated Apr 22