Politics. Elon Musk and other Tesla executives talked about the negative impact of President Donald Trump’s tariff policy and tax bill, but Musk didn’t grab the chance to tout the “America Party” he said he was starting earlier this month.

The fallout from Elon Musk’s plunge into politics a year ago is still hammering his Tesla business as both sales and profits fell sharply again in the latest quarter

Musk said his automaker “probably could have a few rough quarters” ahead as federal electric vehicle credits expire soon.