Who’s driving Tesla?

As Elon Musk steps back from government with his eyes on the stars, investors ask if he’s still behind the wheel at his electric-car maker.

A caricature of a self-driving Tesla driving past the White House with Elon Musk leaning out of the rear window
(Image credit: Adam Stower)

There was widespread consternation among investors on 2 April when Tesla posted its first-quarter production update. Deliveries fell 9% year-over-year to 336,681, the lowest such figure since the war in Ukraine broke out. In searching for answers, many pointed the finger squarely at one man: Tesla’s maverick CEO, Elon Musk. Musk has been a controversial figure with the population at large for years now, but investors have, on the whole, always been behind him. Whatever one’s view of his idiosyncrasies and political leanings, Musk has an undeniable record of delivering extraordinary business results.

The slump in deliveries bucked this trend. Musk appears to have made the brand toxic through his vocal support for US president Donald Trump. The firm also faces stiff competition from China’s electric-vehicle (EV) success story BYD. BYD overtook Tesla to become the world’s largest producer of EVs in 2024. Its low prices have put heavy pressure on Tesla’s margins.

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Dan McEvoy
Senior Writer

Dan is a financial journalist who, prior to joining MoneyWeek, spent five years writing for OPTO, an investment magazine focused on growth and technology stocks, ETFs and thematic investing.

Before becoming a writer, Dan spent six years working in talent acquisition in the tech sector, including for credit scoring start-up ClearScore where he first developed an interest in personal finance.

Dan studied Social Anthropology and Management at Sidney Sussex College and the Judge Business School, Cambridge University. Outside finance, he also enjoys travel writing, and has edited two published travel books.