Tesla saw revenue drop 20% in Q1.
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00:00Tesla revealed its latest earnings report, and it was a really rough first quarter for
00:04the EV maker.
00:05The company missed on both its top and bottom lines, with auto revenue plummeting 20%.
00:10Total revenue came in at almost $2 billion less than Wall Street anticipated, a 9% year-over-year
00:16drop.
00:17In its presentation to investors, Tesla said, quote,
00:20Uncertainty in the automotive and energy markets continues to increase as rapidly evolving
00:24trade policy adversely impacts the global supply chain and cost structure of Tesla and our
00:30peers.
00:31Tesla's disappointing quarter happened as CEO Elon Musk focused much of his time heading
00:35the Department of Government Efficiency, or DOGE.
00:38However, on Tesla's earnings call, Musk said his time spent with the agency will, quote,
00:43drop significantly moving forward.
00:45As of its Q1 close, shares of Tesla are down 41% since the beginning of 2025.
00:51That'll do it for your daily briefing.
00:53From New York City, I'm Lauren Torres with The Street.