Wall Street banks got meager payout from CoreWeave IPO During the quarter, Tesla faced planned, partial shutdowns in some of its factories that allowed the company to upgrade manufacturing lines to start producing a redesigned version of its popular Model Y SUV. Musk recently said during an all-hands session with Tesla employees that he expects the Model Y to be the "best-selling car on Earth again this year." But Tesla has to contend with an onslaught of EV competition and reputational damage. In the first quarter, the company was hit with waves of protests, boycotts and some criminal activity that targeted Tesla vehicles and facilities in response to Musk's political rhetoric and his work as part of President Donald Trump's second administration. After spending $290 million to help return Trump to the White House, Musk is leading the Department of Government Efficiency (DOGE), where has slashed costs, eliminated regulations and cut tens of thousands of federal jobs. Musk, the world's wealthiest person, has also involved himself in European politics, promoting the anti-immigrant AfD party in Germany in February's elections. Tesla's business on the continent is struggling. Across 15 European countries, Tesla's market share declined to 9.3% in the first quarter from 17.9% in the same period a year earlier, according to data tracked by EU-EVs.com. In Germany, Tesla's market share in battery electric vehicles plummeted to 4% from about 16% over that stretch. Sales of Tesla's electric vehicles made in China came in at 78,828 in March, slumping 11.5% year-on-year, according to data from the China Passenger Car Association released Wednesday. The company is facing rising competition in the region from EV makers such as BYD. Early in the quarter, Tesla claimed it sold 8,653 EVs during a single January weekend in Canada, the Toronto Star reported, qualifying it for tens of millions in EV subsidy payments that were part of a program that was ending. Canada's transportation minister later froze the payments and is investigating the validity of the sales. Tesla did not immediately respond to an email from CNBC asking whether the Canada numbers were included in the Q1 deliveries report. Tesla shares sank 36% in the first quarter, their steepest drop since the fourth quarter of 2022 and third-biggest decline in the company's 15 years on the public market. The drop wiped out $460 billion in market cap. — CNBC's Samantha Subin contributed reporting