The EV maker reported a 70 percent plunge in quarterly profit and a 20 percent slide in vehicle deliveries.
Musk told analysts he will cut his commitment to the cost-cutting task-force from full-time to “one or two days a week” starting in May, though he plans to keep the unpaid post “as long as the president finds it useful.”
Under federal rules, temporary appointees may work only 130 days a year, a limit Musk is expected to reach late next month.
The billionaire’s political role has triggered global protests and boycotts of Tesla vehicles; the company warned investors that “changing political sentiment” and Trump’s escalating China tariffs could further hit demand and raise supply-chain costs.
Tesla shares, down 37 percent so far this year, gained 5 percent in late trading after results.
Trump has said he hopes to retain Musk “as long as I can keep him,” but the White House gave no timetable for a successor.
Musk, who donated more than $250 million to Trump’s re-election campaign, said lower tariffs remain his goal but acknowledged they are “still tough on a company where margins are low.”
(jh)
Source: Reuters, BBC