23 Apr 2025

Tesla Reports 71% Drop in Net Income versus Same Quarter Last Year

by Bonnie | | 0

Elon Musk’s company Tesla, which is best known for making electric vehicles and also makes home solar power systems, reported a 71% drop in income for the quarter versus the same quarter last year.

Its $409 million in net income on $19.3 billion in revenue would have been in the red without the $595 million in took in by selling zero-emissions tax credits. Its 337,000 vehicle deliveries were its worst delivery performance in more than two years. Sales dropped for the first time ever.

Oddly, in after-hours trading Tesla stock, which has taken a hammering this year, rose. Elon Musk said he will reduce his involvement with his “Department of Government Efficiency” to dismantle the government and the company will begin to produce a new model in June, although Reuters recently reported that the new model faces months of delay.

Musk is also betting the company’s future on its Robotaxi and Optimus robot projects. Tesla has yet to show that its vehicles can truly drive themselves despite years of trying and years of promises that success is imminent.

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