Department of Government Efficiency chief Elon Musk told Tesla shareholders on Tuesday that he’s planning to dramatically cut back on his work for the Trump administration next month. 

“Starting next month, I will be allocating far more of my time to Tesla,” the electric car company CEO said on Tesla earnings call, according to Business Insider. 

Tesla boss Elon Musk has pledged to "significantly" cut back his role in the US government after the electric car firm reported a huge drop in profit and sales for the start of this year.

Musk has led the newly created advisory body - the Department for Government Efficiency (Doge) - since last year, putting the world's richest man at the heart of cutting US spending and jobs.

But Musk said his "time allocation to Doge" would "drop significantly" from next month, adding he would spend only one to two days per week on it after accusations he has taken his focus off Tesla.

Tesla CEO Elon Musk said he’d be reducing his time with the Department of Government Efficiency beginning next month after the company reported disappointing earnings, missing Wall Street expectations.

Musk said in a Tuesday earnings call that he would begin stepping back from his Trump administration role next month and return his focus to his ailing EV brand.

He added that the ongoing Tesla blowback, consisting of nationwide protests and violent vehicle attacks, left him with two options: Let the government’s waste and fraud continue or fight it.

Elon Musk has vowed to spend “significantly” less time working for Donald Trump’s administration and focus on Tesla after profits plummeted to a five-year low.

The electric car company’s net income slumped by 71pc to $409m in the three months to the end of March, marking its least profitable quarter since 2020.

Tesla's (TSLA.O), opens new tab market share in Europe continued to shrink year-on-year in February, data showed on Tuesday, as sales of the all-electric car maker dropped for a second month despite rising EV registrations overall on the continent.

As competition grows and a slowdown in European economies hampers total car sales, Elon Musk's battery-electric (BEV) brand has sold 42.6% fewer cars in Europe so far this year, data from the European Automobile Manufacturers Association (ACEA) showed.

BYD, the Chinese EV giant, passed a significant milestone on Monday: it overtook Elon Musk’s Tesla in annual revenue. BYD generated 777.1 billion yuan ($107.1 billion) in annual revenue, up 29%. Not only is that past the $100 billion threshold, it’s greater than Tesla’s 2024 revenue of $97.7 billion.

Chinese automaker BYD reported annual revenue of 777 billion yuan ($107 billion) for 2024, leapfrogging U.S. rival Tesla as competition between the two electric vehicle rivals heats up.

In a filing published Monday, BYD posted a 29% increase in revenue from the previous year, bolstered by sales of its hybrid vehicles. This figure exceeded the $97.7 billion annual revenue reported by Elon Musk’s Tesla.

There are three letters keeping Tesla bulls up at night: BYD.

That’s the carmaker eating everyone’s lunch in China, the world’s biggest auto market, and rapidly gaining market share around the globe (except in the United States, of course, because of longstanding trade restrictions on Chinese imports).

The FBI has created a task force dedicated to investigating Tesla attacks, FBI Director Kash Patel confirmed on X on Monday.

Why it matters: It's the latest step by the Trump administration to use the full weight of the government to both promote and defend Elon Musk's car company.

What they're saying: "This is domestic terrorism," Patel said. "Those responsible will be pursued, caught, and brought to justice."

The task force will operate in conjunction with the Bureau of Alcohol, Tobacco, Firearms and Explosives.

The FBI on Monday launched a task force to crack down on violent Tesla attacks, Fox News Digital has learned. 

The FBI’s task force was created in conjunction with the Bureau of Alcohol, Tobacco, and Firearms (ATF) and will coordinate investigative activity.

Fox News Digital has learned that there have been various instances in recent weeks of vandalism, arson and targeted shootings against Tesla vehicles, dealerships and charging stations across the nation.