Tesla Inc (NASDAQ:TSLA) shares are racing higher Wednesday on the heels of the company’s first-quarter results. CEO Elon Musk said on the call that he plans to begin scaling back his involvement with the Department of Government Efficiency, or DOGE, next month.

What To Know: Tesla reported first-quarter revenue of $19.34 billion, missing analyst estimates of $21.35 billion, according to Benzinga Pro. The company reported first-quarter earnings of 27 cents per share, missing analyst estimates of 41 cents per share.

Total revenue fell 9% year-over-year as automotive revenue dropped 20% to $13.97 billion, due to a decline in deliveries, Model Y updates and lower average selling prices.

Tesla said it delivered 336,681 vehicles in the quarter, below analyst forecasts of 377,592. The company produced 362,615 vehicles in the first quarter, down from 433,371 vehicles in the prior year’s quarter.

Tesla refrained from providing guidance and said it will “revisit” 2025 guidance when the company reports second-quarter results.

“While the current tariff landscape will have a relatively larger impact on our Energy business compared to automotive, we are taking actions to stabilize the business in the medium to long-term and focus on maintaining its health,” the company said.

Check This Out: Elon Musk Shares FSD Update At Tesla Earnings Call: ’10 To 20′ Model Ys Will Offer Paid Robotaxi Rides In June

On a conference call following the print, Musk said that he would only spend “a day or two” each week working on DOGE initiatives. He told investors and analysts that he plans to allocate a lot more of his time to Tesla now that DOGE has been established.

Wedbush analyst Dan Ives raised his price target on Tesla to $350 following the announcement, noting that the move from Musk helps to “remove the black cloud” that had been an overhang on the stock.

Here’s a look at some other analyst changes following Tesla’s quarterly results:

• Needham analyst Chris Pierce reiterated Tesla with a Hold rating.

• GLJ Research analyst Gordon Johnson maintained Tesla with a Sell and lowered the price target from $24.86 to $19.05.

• Baird analyst Ben Kallo maintained Tesla with an Outperform and lowered the price target from $370 to $320.

• Canaccord Genuity analyst George Gianarikas maintained Tesla with a Buy and lowered the price target from $404 to $303.

Musk also said on the call that Tesla could produce a million Optimus bots per year as early as 2029. He also reaffirmed that the company’s Robotaxi pilot launch in Austin remains on schedule, which appears to be helping boost shares Wednesday morning.

TSLA Price Action: Tesla shares were up 6.80% at $254.15 at the time of publication Wednesday, according to Benzinga Pro.

Read Next:

• Benzinga Readers’ Predictions For Tesla Q1 Earnings Results, Musk’s Announcements

Photo: courtesy of Tesla.