Tesla profits drop: Was Musk's role in Trump's DOGE key to decline?
Tesla reported a sharp decline in first-quarter profit on Tuesday, missing Wall Street estimates as the electric vehicle maker continued to grapple with slowing demand, rising competition, and mounting brand headwinds tied to chief executive Elon Musk’s political activities. Net income nosedived 71 per cent year-over-year to $409m (£307m) while revenue fell nine per cent to $0.27bn, missing consensus estimates of $0.43bn. Operating income dropped 66 per cent to $0.4bn, while the company’s operating margin narrowed to 2.1 per cent from 11.4 per cent a year earlier. The EV carmaker delivered 336,681 vehicles during the quarter, down 13 per cent, marking the weakest delivery performance since 2022. Click the link below to read more of the story 👇 https://www.cityam.com/tesla-profits-crash-as-elon-musk-fallout-hits-brand-and-bottom-line/ Get more of City AM 👇 🌐 http://www.cityam.com X(formerly Twitter): http://twitter.com/CityAM Facebook: http://www.facebook.com/cityam Instagram: http://www.instagram.com/city_am LinkedIn: www.linkedin.com/company/cityam Produced by: Saskia Koopman, Emmanuel Nwosu, Joseph Lee