The Daily Money: Profits plummet at Tesla

Daniel de Visé, USA TODAY

Wed, Apr 23, 2025, 5:48 AM 1 min read

Good morning! It’s Daniel de Visé with your Daily Money.

Profits are plummeting at Tesla, the automaker whose dealerships became an unlikely stage for nationwide protests and outbreaks of vandalism over the political activities of its CEO.

Net income for the quarter was down 71% after a decline in vehicle deliveries, with Tesla battling growing competition from foreign brands, shifting trade policies and growing backlash to the brand after Elon Musk aligned himself with the Trump administration.

In an earnings call, Musk said he will lobby the Trump administration to ease off of its sweeping tariff regime, even as he appears set to step back from Washington.

While Tesla assembles its vehicles in the U.S., the company is exposed to the tariffs, as it imports parts from other countries.

U.S. stock futures pointed to a higher opening after President Donald Trump said he has “no intention” of firing Federal Reserve Chairman Jerome Powell. Powell's term as Fed chair ends in May 2026.

Trump's remarks come after a week of harsh criticisms of the central bank chief.

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Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.

This article originally appeared on USA TODAY: Profits plummet at Tesla