Tesla's earnings have plummeted by 71%, and Musk will reduce the working hours of the efficiency department

The quarterly earnings of the US electric vehicle company Tesla plunged by 71%. Tesla CEO Elon Musk said that he would reduce the time he spent working at the Government Efficiency department.

According to reports from The New York Times and Xinhua News Agency, Musk said on Tuesday (April 22) during the company's earnings call that starting from May, he will significantly reduce the time spent managing the Government Efficiency Department and devote more time to Tesla.

He also said that he would continue to spend one or two days a week "dealing with government affairs to ensure that waste and fraud do not recur.

Tesla's financial report released on the 22nd shows that its revenue in the first quarter of this year decreased by 9% year-on-year, its automotive business revenue dropped by 20% year-on-year, and its net profit plummeted by 71% year-on-year.

Tesla said its first-quarter profit was $409 million, lower than the $1.4 billion in the first quarter of 2024. Tesla previously reported a net profit of 1.1 billion US dollars for 2024. It has now revised this figure to reflect changes in the valuation approach of cryptocurrency assets.

Musk is regarded as a close ally of US President Trump. In the new US administration, he leads the Department of Government Efficiency and helps Trump significantly cut federal spending and lay off a large number of federal employees.

The White House of the United States said in February that Musk's status was a "special government employee". According to US media reports, in accordance with relevant regulations, as a "special government employee", Musk's service duration within a year is not allowed to exceed 130 days. This means that starting from January 20th, Musk's term of office will end no later than the end of May. If only working days are counted, Musk's term of office will end no later than July.