Tesla CEO Elon Musk said he would soon be spending less time with the Trump administration after first-quarter earnings fell short of expectations.
Net income for the quarter was down 71% after a decline in vehicle deliveries, with Tesla battling growing competition from foreign brands, shifting trade policies and growing backlash to the brand after Musk aligned himself with the Trump administration.
The slump comes as Tesla, along with other automakers, adjust to auto tariffs imposed by President Donald Trump. In a Tuesday financial report, Tesla said “rapidly evolving trade policy” has impacted the global supply chain and the company’s cost structure.
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