But even now, as Trump and Musk seemingly aren't friends anymore (for the moment), and Tesla is staring down the barrel of yet another consecutive dismal fiscal quarter, Tesla investors don't care. For them, Tesla is a future play. Tesla derived 90% of its 2024 revenue and 94% of its gross margin from auto sales.

A total of 41,138 Teslas were registered in the state last quarter, a 21% drop year over year for the company’s seventh straight quarterly decline, the California New Car Dealers Association said Tuesday. Tesla’s tumble exceeded the 13% dip in total zero-emission vehicle registrations in the state during the same period.