Summarize and humanize this content to 2000 words in 6 paragraphs in English Tesla stock on Wednesday reversed early losses after a report from Politico said the company’s CEO, Elon Musk, was set to pare back his duties in the Trump administration “in the coming weeks.” Shares of the electric carmaker had dropped as much as 4% in early trade after the company reported its worst quarter for sales in three years. According to Politico’s Rachel Bade, President Trump “has told his inner circle, including members of his Cabinet, that Elon Musk will be stepping back in the coming weeks from his current role.” NasdaqGS – Nasdaq Real Time Price • USD As of 12:00:01 PM EDT. Market Open. Bade’s report comes just hours before Trump is set to hold a press conference outlining his new tariff plans on what the president has dubbed “Liberation Day.” One senior official told Politico Musk would likely retain an “informal role” as an adviser to the White House. This report follows the call from some on Wall Street, most notably Wedbush’s Dan Ives, a longtime Tesla bull, that Musk needed to “change course” and refocus his energies on the carmaker after the stock’s 50% decline from its highs reached in Dec. 2024. Earlier on Wednesday, the company reported first quarter global deliveries that widely missed estimates as demand issues clearly hit the electric vehicle maker. For the quarter, Tesla reported 336,681 deliveries versus 390,342 estimated per Bloomberg consensus, making it the worst quarter for deliveries since the second quarter of 2022. “While the changeover of Model Y lines across all four of our factories led to the loss of several weeks of production in Q1, the ramp of the New Model Y continues to go well,” Tesla said in a statement. The refreshed Model Y went on sale globally in March, with some analysts citing the changeover as a reason for depressed demand for its top-selling vehicle. Read more about Tesla’s stock moves and today’s market action. Tesla also said it produced 362,615 units globally for the quarter, deployed 10.4 GWh of energy storage products, and would report first quarter earnings on Tuesday, April 22. Tesla sales have been stalling across most of its global territories. Earlier this week, Tesla registration data in key European regions fell in March, another sign that sales are continuing to slide in one of its key markets as Tesla’s brand has also taken a hit due to the right-wing political activities of CEO Elon Musk. In France, only 3,157 Tesla EVs were registered, down 36.8% from a year ago, per official data cited by Reuters. Norway saw only 2,211 registrations, down 63.9%. Sweden’s tally of 911 was only down 1%. Tesla’s registrations are a close proxy for sales, which the company only reports quarterly and does not break out by region. Also in Scandinavia, usually a stronghold of EV sales, Denmark’s Tesla registrations dropped to 593, down 65.6%, and the Netherlands saw 1,536, a drop of 61% compared to last year. “With the current headwinds for TSLA across the industry, including protests at Tesla dealerships, violence seen at TSLA drivers around the country/Europe, and more Musk-related brand worries, this delivery number was a disaster for the bulls with continuous negativity around the TSLA brand,” Ives said in a note Wednesday morning. “We are not going to look at these numbers with rose colored glasses … they were a disaster on every metric.” StockStory aims to help individual investors beat the market. Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance
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