Tesla said Tuesday that its profits fell 71 percent in the first three months of the year, which could increase the pressure on Elon Musk, the automaker’s chief executive, to curtail his work for President Trump and spend more time managing the company.

The company said it earned $409 million, down from $1.4 billion in the first quarter of 2024. The company had previously reported net profit of $1.1 billion last year, but revised the figure to reflect changes in the way cryptocurrency assets are valued.

Tesla sales have been slumping because of intense competition from Chinese carmakers like BYD, a lack of new models and Mr. Musk’s support of far-right causes, which has turned off some liberals and centrists from buying Tesla vehicles.

Tesla remains the most valuable automaker in the world as measured by its stock price, and it sells far more electric vehicles in the United States than any other company. But its shares have lost about half their value since mid-December as investors have grown more pessimistic about the company’s prospects and concerned about Mr. Musk’s role in the Trump administration.

The earnings were well below Wall Street expectations. Still, Tesla shares rose nearly 1 percent in extended trading after the company released its quarterly earnings.

Tesla declined to offer a forecast for sales and profits for the rest of the year, as is customary, saying there was too much economic uncertainty.

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