The Daily Money: Profits plummet at Tesla
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.
Musk will lobby against tariffs
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.
Stock futures rise on Trump Fed comments
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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About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from Paste BN, 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.