PALO ALTO, California — U.S. electric-vehicle maker Tesla on Tuesday reported an operating profit of $399 million for the Janu-March quarter, down 66% on the year and the lowest in roughly half a decade, as CEO Elon Musk’s involvement in the Trump administration turned potential buyers off.
Revenue declined 9% to $19.33 billion, marking the first time in a year that the company posted drops in both revenue and operating profit. Net profit declined 71% to $409 million. Profitability eroded in the core automotive segment, whose operating margin slipped to 2.1% from 5.5%.
