The Tesla CEO says it will spend ‘much more’ or its time to execute car manufacturer after putting the cost reduction equipment in place.
The CEO of Tesla, Elon Musk, said he will reduce his work with the administration of the president of the United States, Donald Trump, after a strong fall in the profits of the first quarter of the electric car manufacturer.
Musk, who directs the efficiency department of the Trump Government (Doge), said Tuesday that he would assign “much more” or his time to direct Tesla and reduce his work in the government to one or two changes per week from May.
“The great work work necessary to put in place the Doge team and work with the government so that the financial house is mostly carried out,” Musk said at a telephone conference with Wall Street analysts.
Tesla’s shares, which have fallen more than 40 percent since the beginning of the year, increased 4.6 percent in trade off hours after Musk’s comments, which encouraged investors concerned about the divided attention of the technological billionaire.
Musk’s comments were produced only a few hours after Tesla reported a 71 percent decrease in net earnings for January-March, with revenues of $ 409 million compared to $ 1.39 billion of the previous year.
Tesla’s global sales fell 13 percent in the period in the middle of a violent reaction of the consumer against Musk’s participation in the Trump administration.
The electric car manufacturer has become a focal point for protests against Trump’s policies in recent months, with vehicles, dealers and cargo stations of the company aimed at dishes of acts of Vandalm and Arsonal acts in several countries.
The company, which builds its cars for the US market in Texas and California, but depends on pieces of Mexico, also faces the consequences of the 25 percent Trump rate in automotive imports.
In his telephone conference, Musk, the richest man in the world, defined his work with Doge, saying that his efforts aimed to fight fraud and waste and recover “the country back on the right path.”
“If the ship of America falls, we all go down with him, including Tesla and everyone else,” he said.