Tesla profits tumble

Tesla’s profits in the first quarter of this year fell by 71 per cent when compared with the same period of 2024.

The electric car maker’s automotive revenues also tumbled by 20 per cent over the same time frame, the company announced on April 22.

Its total revenue of $19.3 billion (NZ$32.4b) for the first quarter was down by nine per cent year-on-year and sales slipped by 13 per cent from a year ago.

The figures come as the electric vehicle brand faces a global backlash against the political activities of Elon Musk, the company’s founder and owner, who has become a prominent figure in the Trump administration in the United States.

Tesla warns investors the pain may continue after declining to offer a growth forecast and noting “changing political sentiment” could impact demand for its vehicles, reports the BBC.

The company adds President Donald Trump’s tariffs on China have weighed heavily on Tesla, which sources many parts from China for the vehicles it builds and sells in the US.

“Rapidly evolving trade policy” may hurt its supply chain and raise costs, it says.

"This dynamic, along with changing political sentiment, could have a meaningful impact on demand for our products in the near term.”