Tesla CEO Elon Musk has announced he will begin withdrawing from his federal advisory role in the United States (U.S.) government amid company reports of a 71% dip in profits.
The American electric vehicle (EV) maker released its quarterly report on Tuesday stating the company’s net profits had dropped by 71%, the lowest reported since 2020.
Since the financial report’s release, it has been made clear that Elon Musk will be stepping back from his role in the Department of Government Efficiency (DOGE) and returning more frequently to work on his EV company.
“I think I’ll continue to spend a day or two per week on government matters for as long as the president would like me to do so and as long as it is useful,” Musk reportedly claimed in the company’s quarterly earnings call.
Only last month Tesla reported a 13% drop in vehicle deliveries during which Musk received backlash for his role in the U.S. office, which he is expected to step down from on May 30.
Despite Musk’s loyalty to the White House, Tesla vehicles remain to be exposed to Trump’s 25% tariffs as the U.S. company sources several auto parts from other countries, including China.
Limited information was given on Tesla’s recently-announced Cybercab in the report, claiming it is still on track to be built in 2026.
Keep up-to-date with the latest mobility news by subscribing to MOVEMNT’s free newsletter
Also in the news:
Canada pauses zero-emission vehicles program due to insufficient funds
California to raise income taxes to fund “Clean Cars and Clean Air Act”
New model suggests the economics of rural charging infrastructure can work
Porsche sets out to be at the forefront of high-performance German battery production