Tesla’s Q1 results show the financial cost of Musk’s support for Trump

Tesla managed to hold onto profitability in the first quarter of 2025—but only just. Earlier this month, the automaker reported double-digit declines in both production and delivery numbers thanks to the impact of CEO Elon Musk's central role in the Trump administration, a global trade war, and an increasingly outdated and tiny product lineup. Yesterday, we saw the true cost of those factors when Tesla published its profit and loss statement for Q1 2025. Total revenues fell by nine percent year-over-year to $19.3 billion in Q1. Selling cars accounts for 72 percent of Tesla's revenue, but these automotive revenues fell by 20 percent year-over-year. Strong growth (67 percent) in Tesla's storage battery and solar division helped the bottom line, as did a modest 15 percent increase in revenue from services, which includes its Supercharger stations, which are now opening to other car brands. But Tesla's expenses grew slightly in Q1 2025, and more importantly, its profitability shrank. Inc ... Read full article.