The company, led by Elon Musk, reported on Wednesday that its net income for last year dropped by 46 per cent to $3.8bn (£3bn). This marks the second consecutive year of steep declines, occurring despite the introduction of more affordable models and Mr Musk’s pledge to remain singularly focused on the business following his foray into US politics. Despite these financial setbacks, Tesla investors appear to have maintained their confidence in Mr Musk, with the company’s stock rising by 9 per cent over the past year. The stock’s resilience is partly attributed to Mr Musk’s renewed focus on Tesla after spending the early part of last year heading a government cost-cutting team in Washington. Tesla is benefiting from massive demand as data centres, which consume vast amounts of energy, are being built across the US.