Tesla Inc. investors shrugged off the company’s worst vehicle sales since 2022 and bid up its shares on hopes that Elon Musk will step back from his work for the Trump administration.

Tesla sales have plummeted to their lowest level in three years after a backlash against its boss Elon Musk. The electric car maker delivered almost 337,000 electric vehicles in the first three months of 2025,

Shares fell as much as 6.4%, to a low of $251.27, in the morning session after Tesla reported a 13% drop in vehicle deliveries during the first quarter. Wedbush analysts said the result was disastrous and reflected growing negativity around the brand stemming from Musk's involvement in President Trump's inner circle.