Tesla Chief Executive Elon Musk said on Tuesday he would scale back his government role starting in May, adding he expected his time allocation to the cost-cutting Department of Government Efficiency initiative to drop significantly.

Mr Musk’s mandate as a special government employee in the Trump administration is set to expire around late May. Read more at straitstimes.com. Read more at straitstimes.com.

Investors are focused on the company's upcoming earnings report. Tesla has already revealed that its deliveries were weak in the first quarter.

Tesla's profits and automotive revenues plunged at the beginning of the year, as sales slumped and the brand faced backlash against boss Elon Musk's political activities. The company warned investors that the pain might continue,