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Tesla reported a 71% year-over-year plunge in net income and a 20% drop in car sales revenue. CEO Elon Musk attributed the decline to various factors, including a Model Y refresh and what he claims are paid protests against the company. He also said he'll reduce time spent on DOGE-related work but will continue government efforts. Despite the downturn, Musk remains confident in Tesla's long-term prospects, citing robotaxis and AI as key drivers of future profitability. Analysts, however, see Musk's focus as a critical factor in Tesla's future success.

Prepared by Christopher Adams and reviewed by editorial team.