Tesla's last new model, the angular steel Cybertruck, began rolling out to customers at the end of 2023. While it became the bestselling electric truck in the U.S. last year, sales didn't make up for a decline in overall deliveries, which fell for the first time in 2024.
Musk, who also runs SpaceX and owns social media site X, has been at the center of attention in recent months because of his hefty financing of President Donald Trump's 2024 campaign and his position in the newly elected president's inner circle.
After his inauguration Monday to begin his second White House term, Trump signed an executive order indicating he will likely repeal the federal electric vehicle tax credit, which was approved by Congress during the Biden administration as part of the Inflation Reduction Act. Tesla has long benefited from the government-supported incentives, but ending the credits will likely have a more harmful impact on competitors in the EV market.