Q1 2025 Earnings — Results of Operations

Revenue fell 9% year-over-year to $19.3B and operating income cratered 66% to just $399M (2.1% margin), as Tesla simultaneously retooled all four factories for the updated Model Y while battling lower vehicle prices, a 13% drop in deliveries, and mounting tariff uncertainty. The silver lining: energy storage deployments surged 154% YoY to 10.4 GWh and the balance sheet remains fortress-like at $37B in cash and investments, but Tesla openly warned that "changing political sentiment" could meaningfully hit near-term demand — a notable acknowledgment from a company whose CEO is deeply entangled in that very political landscape.